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Daily Market Patrol

Market Patrol 23 June 2020

Don't downgrade your dreams to fit today's halting reality. Don't let the new normal be an excuse for standing in place.

Eli Manning
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
Risk currencies recovered against the dollar after Navarro said his comments were taken 'wildly out of context', while Trump tweeted that US-China trade deal is ‘fully intact'.
Fundamental News

EUR/USD
The Single currency started the week with the right leg after a 2-weeks drop to a low of $1.1169 yesterday and bounced off to as high as $1.1281 on improved market risk sentiment and ahead of Eurozone preliminary manufacturing PMIs data due today.


GBP/USD
The Pound bolstered to $1.2467 with global optimism over the post-pandemic recovery taking precedent over resurgent COVID-19 infection numbers, underpinning the cable.


USD/JPY
The Yen hammered to 107.25 per dollar this morning as risk appetite recovered after President Trump confirmed that the China trade deal is intact.


AUD/USD
The Aussie maintained its bullish stance above $0.6900, along with riskier assets, after White House Adviser Navarro retracted on his earlier comments that the US-China trade deal is over.

 

USD/ZAR
South Africa's rand steadied at 17.34 against the dollar as investors waited for a local supplementary budget due on Wednesday that is expected to show a markedly wider budget deficit.

 

USD/MUR
The USD/MUR steadied at 40.30(selling) on the domestic market.

Fundamental & Technical Data
Economic Indicators-Local Time

11:30 - EUR - German Manufacturing PMI (Jun)

12:30 - GBP - Composite PMI 

12:30 - GBP - Manufacturing PMI

12:45 - GBP - Services PMI

12:45 - GBP - BoE Gov Bailey Speaks

18:00 - USD - New Home Sales (May)

 

 

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
1.1399
1.2660
107.27
17.98
R2
1.1335
1.2568
107.14
17.66
R1
1.1297
1.2518
107.02
17.51
PP
1.1233
1.2427
106.90
16.80
S1
1.1196
1.2377
106.78
16.58
S2
1.1132
1.2286
106.65
15.92
S3
1.1094
1.2236
106.54
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.