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Treasury

Daily Market Patrol

Market Patrol 20 April 2020

Your job is not to tell people what to do, but to dictate yourself to helping them do better.

John Hennessy
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
Market remains calm amid EU leaders will hold a video conference on April 23 to discuss the economic response to coronavirus
Fundamental News

EUR/USD
The shared currency climbed to $1.0845 after French President Macron expressed support for joint Eurozone debt issuance to counter economic impact from Covid-19.


GBP/USD
The Cable tumbled to $1.2450 on critics that UK PM Johnson missed initial emergency COBRA (Cabinet Office Briefing Room A) meetings during the crucial weeks when the virus first arrived in the UK.

 

USD/JPY
The safe-haven yen receded from high of 107.12 to 107.85 per dollar amid broad-based dollar strength as global growth fears hit oil prices and commodity currencies on early Asian sessions.

 

AUD/USD
The Aussie consolidated at $0.6350 after China trimmed the one-year loan prime rate by 20 basis points, taking it to 3.85%, and lowered the five-year rate by 10 basis points to 4.65%.

 

USD/ZAR
The South African rand firmed at 18.87 against the greenback as glimmers of risk appetite returning to global markets.


USD/MUR
The pair idled at 40.25 (selling) on the domestic market.

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
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
  • 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.