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Treasury

Daily Market Patrol

Market Patrol 07 April 2020

It's not even a bazooka. It's more like a nuclear bomb.

Paul Tudor Jones
Indicative Selling Rates
against MUR
USD
20 Sep 2021
  • AUD
  • 31.22
  • 0.7295
  • BWP
  • 3.91
  • 0.0914
  • CAD
  • 33.73
  • 1.2691
  • CNY
  • 6.71
  • 6.3788
  • DKK
  • 6.84
  • 6.2566
  • EUR
  • 50.31
  • 1.1755
  • HKD
  • 5.59
  • 7.6619
  • INR
  • 0.59
  • 72.6819
  • JPY
  • 39.24
  • 109.0796
  • KES
  • 39.39
  • 108.6531
  • NZD
  • 30.30
  • 0.7080
  • NOK
  • 4.98
  • 8.5866
  • SGD
  • 32.02
  • 1.3367
  • ZAR
  • 2.94
  • 14.5487
  • SEK
  • 4.98
  • 8.5976
  • CHF
  • 46.22
  • 1.0799
  • GBP
  • 58.88
  • 1.3757
  • USD
  • 42.80
  • 1.0000
  • AED
  • 11.78
  • 3.6323
Reserve Bank of Australia indicated it would slow the pace of its bond buying, which nudged up long-term yields and steadied its interest rate at 0.25%.
Fundamental News

EUR/USD
The shared currency clawed back from yesterday's low of $1.0766 to $1.0860 as German Industrial Production unexpectedly rises by 0.3% month-on-month in February.

 

GBP/USD
The Cable dipped to $1.2161 yesterday after British Prime Minister Boris Johnson was moved to intensive care after his coronavirus symptoms worsened.


USD/JPY
The yen soared to 108.85 against the dollar after Japanese Prime Minister Shinzo Abe unveiled fiscal stimulus worth almost $1 trillion to offset the economic impact of the Covid-19.

 

AUD/USD
The Australian dollar lifted to $0.6162 after the Reserve Bank of Australia indicated it would slow the pace of its bond buying, which nudged up long-term yields and it steadied its interest rate at 0.25%.

 

USD/ZAR
The South Africa's rand rebounded to 18.40 per dollar as risk sentiment was cheered by signs the spread of the novel coronavirus was easing.

 

USD/MUR
The U.S dollar remained unchanged at 40.24(selling) against the Mauritian Rupee as demand for foreign currencies remained upbeat on the domestic market.

Fundamental & Technical Data
Economic Indicators-Local Time
Looking for Markets correlation?
Market Correlation is a measure, statistical or observational, that gives a positive or negative link between the pricing of multiple currencies.

Bulls & Bears Levels
Technical Analysis - Forex Charts
Snapshot EUR/USD - Tracking the bearish Head & Shoulders pattern!
Chart updated on 06.04.2020

The Single currency plunged to a low of $1.0771 last week, before trimming back some losses to $1.0825 this morning, as safe-haven demand boosted the U.S dollar higher across the board.

On a technical perspective, the EUR/USD appears to be tracking the bearish Head & Shoulders (H&S)pattern highlighted last week.

The H & S neckline, as illustrated on the 10 mins chart, could possibly act as magnet in the coming sessions that would propel the EUR/USD higher near $1.0850/75.

However, the pair still remain vulnerable to further downside possible near $1.0700 (H &S target level).

USD/JPY at 108.94 now, morphing its way to claim back its safe-haven title
Chart posted on 07.04.2020

• After rallying to the downside from a high of 112.22 to 101.17 amid global pandemic threat, USD/JPY has been in a correcting mode since 9th March 2020 and seemed to have recently completed an W-X-Y Double Zig-Zag structure of Wave (2) reaching a high of 111.64 on 27th March 2020.
• Two strong indicators were flashing a trend reversal: ending diagonal at Wave 5 of Wave c and bearish RSI divergence.
• On the hourly chart, as per Elliott Wave analysis, the pair might resume its downwards trend targeting 100.64 - 93.78 to unfold Wave (3), a projection of 100%-161.8% of Fibonacci level.
• USD/JPY is percolating towards its target from 110.41 to 107.84, as per chart below.
• On a side note, resumption of a bullish USD/JPY would mark an invalidation of the Elliott Wave structure above 112.22.

Weekly FX Market Analysis by Karishma Sewock Nobutsing on Radio One
Speak to our team
  • Allan Juste
    Head - Forex And Derivatives
    +230 5251 4855
  • Reshma Peerun Rajwani
    Head – Treasury Sales
    +230 403 5500
  • Karishma Sewock Nobutsing
    Senior Dealer - Treasury Sales
    (+230) 5943 9837
Disclaimer
Please note that the information published is purely indicative. It is based on technical data from sources which the Bank verily believes to be authentic, though its timeliness or accuracy cannot be warranted or guaranteed. AfrAsia Bank Ltd issues no invitation to anyone to rely on this bulletin and neither we nor our information providers shall be in no way whatsoever, liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness, or for any delay or interruption in the transmission thereof to the user. The indicative rates and other market information are subject to changes at the Bank's discretion. Whilst every effort is made to ensure the information is accurate, you should confirm the latest situation with the Bank prior to making any decisions.