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Treasury

Daily Market Patrol

Market Patrol 09 April 2020

What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.

William O'Neil
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
EUR/USD unabated in a failed attempt by the EU Finance Ministers to deliver the coronavirus economic rescue stimulus.
Fundamental News

EUR/USD
The shared currency consolidated around $1.0860 in a failed attempt by the EU Finance Ministers to deliver the coronavirus economic rescue stimulus reportedly due to a persistent stand-off between southern European states like Italy and fiscally conservative states like the Netherlands.

 

GBP/USD
The Cable soared to $1.2415 amid a more upbeat market mood as UK Prime Minister Boris Johnson's condition has improved after the third night in intensive care.

 

USD/JPY
The yen sidelined around 108.90 against the greenback despite reports from central bank Governor Kuroda that the coronavirus pandemic hit output and consumption, stressing his readiness to take additional monetary steps to prevent a deep recession.

 

AUD/USD
The Aussie vaulted to $0.6218 after the Reserve Bank of Australia announced that the country's lenders have entered the downturn with high profitability and "very good" asset performance in its biannual Financial Stability Review.

 

USD/ZAR
The South African's rand rallied to 18.18 per dollar benefiting from hopes the coronavirus pandemic is peaking.

 

USD/MUR
The pair steadied at Rs39.75/USD(selling) ahead of Good Friday and Easter Monday holidays in some major markets.

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
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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    (+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.