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Treasury

Daily Market Patrol

Market Patrol 08 April 2020

We are actors in a play written by others

Mark Carney
Indicative Selling Rates
against MUR
USD
24 Sep 2021
  • AUD
  • 31.55
  • 0.7362
  • BWP
  • 3.91
  • 0.0913
  • CAD
  • 34.11
  • 1.2564
  • CNY
  • 6.72
  • 6.3745
  • DKK
  • 6.87
  • 6.2409
  • EUR
  • 50.50
  • 1.1785
  • HKD
  • 5.60
  • 7.6580
  • INR
  • 0.59
  • 72.6590
  • JPY
  • 39.12
  • 109.5434
  • KES
  • 39.35
  • 108.8984
  • NZD
  • 30.55
  • 0.7130
  • NOK
  • 5.08
  • 8.4425
  • SGD
  • 32.10
  • 1.3351
  • ZAR
  • 2.96
  • 14.4639
  • SEK
  • 5.03
  • 8.5245
  • CHF
  • 46.66
  • 1.0889
  • GBP
  • 59.01
  • 1.3772
  • USD
  • 42.85
  • 1.0000
  • AED
  • 11.80
  • 3.6323
USD/MUR smacked by Bank of Mauritius' intervention on the domestic market
Fundamental News

EUR/USD
The shared currency resumed its decline from a high to $1.0925 to $1.0851 this Wednesday as the pandemic gloom and doom continued to favour the greenback.

 

GBP/USD
The Cable initially rallied to $1.2384 on Tuesday on a report that British Prime Minister Boris Johnson is stable in intensive care as he battles COVID-19 symptoms. However, the pair later retreated to $1.2322 as a jump in virus statistics and expectations of further deterioration in the conditions weighed on the pound.

 

USD/JPY
The yen pierced to 108.92 per dollar, with a broad rebound in risk markets encouraging some selling of the dollar, with hopes of a slowdown in the spread of the COVID-19 in some countries.

 

AUD/USD
The Aussie was knocked down to $0.6138 by global ratings agency S&P on Wednesday downgrading the outlook on the sovereign AAA rating from stable to negative in anticipation of a "material" weakening in the government's debt position as it splashes out a large fiscal stimulus package.

 

USD/ZAR
The South African's rand spiked to 18.30 against the US dollar as it managed to weather a policy storm building around a likely bailout from the International Monetary Fund.


USD/MUR
The pair tumbled to Rs39.75/USD(selling) smacked by Bank of Mauritius intervention to sell dollars at Rs39.30/USD. 

Fundamental & Technical Data
Economic Indicators-Local Time
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Bulls & Bears Levels
Technical Analysis - Forex Charts
USD/JPY at 108.94 now, morphing its way to claim back its safe-haven title
Chart updated 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

Snapshot EUR/USD - Tracking the bearish Head & Shoulders pattern!
Chart posted 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).

Weekly Technical Analysis on GBP by Aassan Deedarun on Radio One
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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.