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Treasury

Daily Market Patrol

Market Patrol 16 June 2020

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.

Ayn Rand
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
The U.S dollar nursed losses across the board on Monday evening, after the Federal Reserve announced it would buy individual corporate bonds in the secondary market.
Fundamental News

EUR/USD
The Single currency extended gains to $1.1335 after the Fed will start purchasing corporate bonds on Tuesday through the secondary market corporate credit facility (SMCCF) to improve market functioning in the wake of COVID-19 disruptions and on reports the Trump’s administration is mulling an additional USD 1 trillion infrastructure spending plan.

 

GBP/USD
The Pound soared to $1.2660 on upbeat sentiment regarding upcoming Brexit negotiations, though the optimism is centered on the talking rather than tangible progress toward resolving outstanding fishing and level-playing field issues.

 

USD/JPY
The Yen drifted back to 107.50 per dollar undermined by a risk-on sentiment in the market, while BOJ’s boost to its virus lending program’s size to JPY 110 trillion from JPY 75 trillion this morning also added to the weak market mood on the Yen.

 

AUD/USD
The Australian dollar popped higher to $0.6953 after the Reserve Bank of Australia reiterated in minutes from its June meeting that the national economic downturn may not be as bad as first feared.

 

USD/ZAR
The South African rand edged higher to 17.00 against the dollar as risk assets revived in Asia this morning on stimulus hopes.

 

USD/MUR
The USD/MUR remained choppy at 40.25(selling) this morning despite volatility in other markets.

 

Fundamental & Technical Data
Economic Indicators-Local Time

10:00 - GBP - Claimant Count Change (May)

10:00 - GBP - Average Earnings Index 

11:00 - JPY - BoJ Press Conference

13:00 - EUR - German ZEW Economic Conditions (Jun)

16:30 - USD - Core Retail Sales (MoM)(May)

18:00 - USD - Fed Chair Powell Testifies 

 

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
1.1468
1.2809
108.19
17.98
R2
1.1400
1.2708
107.87
17.66
R1
1.1362
1.2657
107.61
17.29
PP
1.1294
1.2556
107.30
16.80
S1
1.1256
1.2504
107.03
16.58
S2
1.1188
1.2403
106.73
15.92
S3
1.1150
1.2353
106.46
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 Technical Analysis on GBP by Aassan Deedarun on Radio One
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    Head - Forex And Derivatives
    +230 5251 4855
  • Reshma Peerun Rajwani
    Head – Treasury Sales
    +230 403 5500
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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.