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Daily Market Patrol

Market Patrol 15 May 2020

There are some things you learn best in calm, and some in storm.

Willa Cather
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
Cable idled at $1.22 on Brexit woes as the European Commission launched legal action against UK and Northern Ireland fisheries yesterday.
Fundamental News

EUR/USD
The single currency steadied at $1.08 as rising Sino-U.S. tensions and worries about a second wave of coronavirus infections rattled investors.

 

GBP/USD
The cable seesawed around $1.2210 from a low of $1.2170 yesterday on Brexit woes as the European Commission launched legal action against UK and Northern Ireland fisheries on Thursday, accusing it of failing to comply with EU law on free movement. Additionally, the British government reiterated its refusal to extend the Brexit transition deadline beyond December.

 

USD/JPY
The Japanese yen edged lower to 107.23 per U.S dollar amid talks of additional U.S stimulus, while White House Advisor Kudlow was out on the wires late on Thursday, stating that the Trump administration could be open to targeted aid to states related to the pandemic.

 

AUD/USD
The Australian Dollar mounted to $0.6456 despite a mixed set of Chinese economic data on Friday, that is, a better-than-expected increase in industrial output in April while vehicle retail sales disappointed with a sharp decline.

 

USD/ZAR
South Africa's rand weakened to 18.44 per dollar on Thursday as demand for emerging currencies continued to ebb due to growing concerns over the impact of the coronavirus on the global economy.

 

USD/MUR
The USD/MUR opened flat at 40.45(selling) this morning, tracking a steady EUR/USD.

 

 

Fundamental & Technical Data
Economic Indicators-Local Time

12:00 - EUR - German GDP (QoQ)(Q1)

16:30 - USD - Retail Sales (MoM)(Apr)

18:00 - USD - JOLTs Job Openings (Mar)

 

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%
14-Apr-2020
21-May-2020
Reserve Bank of India
4.40%
27-Mar-2020
03-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
1.0877
1.2334
108.09
19.54
R2
1.0850
1.2288
107.73
19.34
R1
1.0828
1.2257
107.50
19.17
PP
1.0801
1.2212
107.14
18.76
S1
1.0778
1.2181
106.91
18.58
S2
1.0752
1.2135
106.55
17.99
S3
1.0729
1.2105
106.32
17.81
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.
Japanese Yen rebound may fizzle its way back to Safe-haven status
Chart posted on 14.04.2020

• 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.
• At 107.70 today, USD/JPY is percolating towards its target from 110.41 to 107.84, as per chart.
• On a side note, resumption of a bullish USD/JPY would mark an invalidation of the Elliott Wave structure above 112.22

Weekly Technical Analysis on GBP by Aassan Deedarun on Radio One
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    Head - Forex And Derivatives
    +230 5251 4855
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    Head – Treasury Sales
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    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.