Local Risk Eyed After Tight SYCOM Session

YM and XM both sit 0.5 tick below their respective settlement levels in early Sydney trade after a subdued session on SYCOM.

• Locally, Sino-Aussie tensions continue to steal the headlines, although the ultimate impact of the current sources of tension is seen as limited at best (given the relative safety of iron ore exports, at least for now).
• Tuesday will see the latest round of GDP partial data hit, in addition to the final RBA decision of 2020 (where no moves are expected, please see our full preview for further details). Elsewhere, the monthly building approvals reading and latest ABS payrolls dataset will hit.
• The m'fing PMIs have already crossed, failing to generate any notable response from the markets, while the latest ANZ-Roy Morgan weekly consumer confidence reading hit the highest level seen since February, with the collators noting that "perceptions of economic conditions, both current and future, are the highest in more than a year. This could bode well for economic activity and spending over the coming weeks."