Analyst
The pair rebounded from the 1.5976 support zone in the early session on Friday before surrendering all of the gains after the release of weaker than expected German Final Manufacturing PMI. The data showed that output in Germany and new orders are both constrained by supply bottlenecks and that the pace of job creation slows as growth expectations dip to a 13-month low.
The Reserve Bank of Australia policy decision and statement is expected tomorrow with the cash rate expected to be kept constant because Governor Lowe had hinted that the rate will probably be held constant until 2024 and the weekly pace of government bond purchase is expected to remain unchanged until at least next year February.
The rejection around the 1.5940 support zone favours the bulls on the pair, with a target at 1.60690 and stop-loss at 1.59070.
No major economic data with a bearing on the pair
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