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Daily Market Patrol

Market Patrol 12 June 2020

The biggest risk is not taking any risk in a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.

Mark Zuckerberg
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
The safe-haven U.S dollar extended rally against a basket of currencies as investors shed their rose-tinted glasses following warnings about overly optimistic economic recovery expectations from the Federal Reserve.
Fundamental News

EUR/USD

The Single currency lost vigor to trade below $1.1300 this morning after the Fed’s sobering outlook cast doubt on hopes for a V-shaped recovery from the pandemic.

 

GBP/USD
The pound fell sharply against the dollar to $1.2577 and ended its three-week winning streak as bets against sterling hit their highest in eight months amid ongoing Brexit worries.

 

USD/JPY
The safe-haven yen held on to gains at 107.10/dlr on renewed doubts over the prospects of a quick recovery in the global economy.

 

AUD/USD
The Australian plunged to $0.6845 as investors wagered domestic interest rates would stay low after the U.S. Federal Reserve pledged to stay near zero through at least 2022. 

 

USD/ZAR
The South Africa's rand nosedived to 17.11 against the U.S dollar as global investors dumped riskier assets and dismal domestic data drove home the economic impact of the COVID-19 pandemic.

 

USD/MUR
The USD/MUR rose by 15 cents to 40.25(selling) on the domestic market.

Fundamental & Technical Data
Economic Indicators-Local Time

10:00 - GBP - Manufacturing Production (MoM) (Apr)

10:00 - GBP - GDP (MoM)

10:00 - GBP - GDP (YoY)

 

Central Bank Interest Rates
Last Change
New Meeting
Federal Bank of U.S
0.00-0.25%
16-Mar-2020
10-Jun-2020
European Central Bank
0.00%
10-Mar-2016
04-Jun-2020
Bank of England
0.10%
19-May-2020
18-Jun-2020
Bank of Japan
-0.10%
28-Jan-2016
16-Jun-2020
Reserve Bank of Australia
0.25%
18-Mar-2020
02-Jun-2020
S.Africa Reserve Bank
4.25%
21-May-2020
-
Reserve Bank of India
4.00%
22-May-2020
-
Bank of Mauritius
1.85%
16-Apr-2020
-
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
Resistance and Support
Levels
EUR/USD
GBP/USD
USD/JPY
USD/ZAR
R3
1.1488
1.2877
107.87
17.98
R2
1.1446
1.2816
107.56
17.66
R1
1.1373
1.2708
107.21
17.29
PP
1.1331
1.2647
106.90
16.80
S1
1.1258
1.2539
106.55
16.58
S2
1.1216
1.2478
106.24
15.92
S3
1.1143
1.2370
105.89
14.98
Technical Analysis - Forex Charts
Safe-haven nature of FRANC SWISS may plummet USD/CHF to a downfall
Chart updated on 13.04.2020
  • From an Elliott Wave standpoint, USDCHF could potentially unfold into compelling impulsive Wave C of the zigzag correction of Wave (2) to a narrowing region 0.9550 (50% retracement of Wave (1)) to 0.9395 (100% projection of Wave A through B) in the near term trend, from the downside bias from April 6th high of 0.9797.
  • Price could immediately start to shoot back up into Wave (3) on a longer perspective.
  • Piercing above the resistance 0.9905 would endorse the structure.
  • Alternatively, broader bearish invalidation of Elliott Wave Structure rest at 0.9191 of March 9th low while Relative Strength Index signals a bullish recoil higher for the pair.
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.