Internet Banking
Click icon again to close

Treasury

Daily Market Patrol

Market Patrol 27 May 2020

Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones.

Benjamin Franklin
Indicative Selling Rates
against MUR
USD
27 May 2020
  • AUD
  • 27.01
  • 0.6677
  • BWP
  • 3.45
  • 0.0854
  • CAD
  • 29.50
  • 1.3712
  • CNY
  • 5.68
  • 7.1197
  • DKK
  • 5.99
  • 6.7491
  • EUR
  • 44.43
  • 1.0984
  • HKD
  • 5.25
  • 7.7080
  • INR
  • 0.54
  • 75.1277
  • JPY
  • 37.82
  • 106.9613
  • KES
  • 38.14
  • 106.0591
  • NZD
  • 25.20
  • 0.6231
  • NOK
  • 4.12
  • 9.8092
  • SGD
  • 28.67
  • 1.4108
  • ZAR
  • 2.36
  • 17.1526
  • SEK
  • 4.24
  • 9.5477
  • CHF
  • 42.05
  • 1.0396
  • GBP
  • 49.92
  • 1.2341
  • USD
  • 40.45
  • 1.0000
  • AED
  • 11.08
  • 3.6496
The Single currency kept the bullish tone ahead of ECB’s President Lagarde's speech at 11:30, while the EU will unveil its recovery fund linked to the EU's next long-term budget today.
Fundamental News

EUR/USD
The Single currency kept the bullish tone at $1.0950 ahead of ECB’s President Christine Lagarde's speech at 11:30, while the European Union is likely to unveil its own recovery fund linked to the EU's next long-term budget today to help the bloc recover from the coronavirus-fuelled economic slump.

 

GBP/USD 
The Pound soared to a high of $1.2360 on Tuesday, before retreating to $1.2315, following news that the European Union’s Brexit negotiator Michel Barnier was said to drop demand of unchanged access to the fishing grounds around the UK’s coast.

 

USD/JPY
The Japanese yen surged to 107.50 against the greenback on news that Japan will compile a new JPY117.1 trillion stimulus package that includes significant direct spending.

 

AUD/USD
The Australian Dollar eased slightly to $0.6640 after strong gains the previous day, on report Trump administration was weighing a range of sanctions on Chinese officials.

 

USD/ZAR
The Rand hit an eight week high at 17.34 per dollar on rising hope of economic recovery in a number of countries.

 

USD/MUR
On the domestic market, the USD/MUR jostled near 40.45(selling).

 

 

 

 

Fundamental & Technical Data
Economic Indicators-Local Time

11:30 - EUR - ECB President Lagarde Speaks

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
1.1124
1.2578
108.37
18.40
R2
1.1060
1.2471
108.15
17.81
R1
1.1021
1.2402
107.85
17.99
PP
1.0957
1.2294
107.63
17.50
S1
1.0918
1.2225
107.33
17.23
S2
1.0854
1.2118
107.11
16.58
S3
1.0815
1.2049
106.81
15.92
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 Market Update on Radio One by Reshma Peerun Rajwani
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.