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Treasury

Daily Market Patrol

Market Patrol 3 July 2020

The harder right will always trump the easier wrong.

Paul Polman
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
USD/MUR smashed by 35 cents to 40.15(selling) in the wake of the intervention of the Bank of Mauritius to sell U.S dollars on the local market.
Fundamental News

EUR/USD
The single currency seesawed around $1.1230 following the U.S. economy added more jobs than expected in June, U.S payrolls showed on Thursday, but the reaction in the currency market has been muted because another spike in coronavirus infections in the US threatens the re-opening on economic activity.

 

GBP/USD
The cable back-pedaled from high of $1.2524 to $1.2480 after a meeting between the EU and British chief negotiators scheduled for Friday to wrap up this week's round of future relationship talks was cancelled.

 

USD/JPY
The Japanese Yen surged to 107.65 against the greenback on reports that U.S. Senate unanimously approved legislation on Thursday to penalize banks doing business with Chinese officials who implement Beijing's new national security law for Hong Kong, raising the chances of further friction between the world's two- largest economies.

 

AUD/USD
The Aussie edged higher to $0.6930 as Australian retail sales jumped a record of 16.9% in May, recovering much of April's historic 17.7% dive which came as whole sectors were shut to fight the coronavirus.

 

USD/ZAR
In South Africa, the rand soared to 16.90 per dollar yesterday after South Africa recorded its first current account surplus in 17 years in the first quarter of 2020, a surplus of 1.3% of gross domestic product from a deficit of 1.3%, as the trade balance more than doubled.

 

USD/MUR
The dollar-rupee smashed by 35 cents to 40.15(selling) in the wake the intervention of the Bank of Mauritius to sell U.S dollars on the local market.

 

Fundamental & Technical Data
Economic Indicators-Local Time

12:30 - GBP - Composite PMI (Jun)

12:30 - GBP - Services PMI (Jun)

 

 

 

 

 

 

Central Bank Interest Rates
Last Change
New Meeting
Federal Bank of U.S
0.00-0.25%
16-Mar-2020
29-Jul-2020
European Central Bank
0.00%
10-Mar-2016
16-Jul-2020
Bank of England
0.10%
19-May-2020
06-Aug-2020
Bank of Japan
-0.10%
28-Jan-2016
22-Jul-2020
Reserve Bank of Australia
0.25%
18-Mar-2020
07-Jul-2020
S.Africa Reserve Bank
4.25%
21-May-2020
-
Reserve Bank of India
4.00%
22-May-2020
06-Aug-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
1.1379
1.2492
108.77
17.98
R2
1.1327
1.2572
108.47
17.66
R1
1.1289
1.2524
107.97
17.51
PP
1.1237
1.2442
107.67
16.80
S1
1.1199
1.2393
107.17
16.58
S2
1.1147
1.2311
106.86
15.92
S3
1.1109
1.2263
106.37
14.98
It may be time to get rid of your Swiss Franc!
Chart posted on 25.06.2020

From an Elliott Wave trading standpoint, USD/CHF indicates a violent recoil higher in compelling impulse Wave (3) trajectory on a test of support marked by the confluence of a former counter-trend support at Wave (2) at 0.9372 of June 11th, percolating since late March 2020. As we have continued to highlight, the trend USD/CHF remains bullish overall.

 

Looking at the hourly chart, the pair may propel into Wave (3) targeting 1.0084, which represents 100% Fibonacci projection of impulsive Wave (1) through corrective Wave (2). Peeking through 0.9553 of Wave (1) would further validate the upside momentum. On the flipside, a set-back of recent low at 0.9418, then 0.9372 would render the count obsolete. If the pair fails to clear the latter, it could catalyse an aggressive decline.

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.