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Daily Market Patrol

Market Patrol 3 June 2020

Fearlessness is not the absence of fear. It is the mastery of fear. It's about getting up one more time than we fall down.

Arianna Huffington
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 stumbled against most currencies on Wednesday as prospects of more government stimulus and a global economic recovery emboldened investors to step up holding of riskier assets.
Fundamental News

EUR/USD
The Single currency ventured further beyond $1.1200 this morning as waning pandemic fears and hopes policymakers will support the eurozone’s weakest economies encouraged the global quest for higher returns.

 

GBP/USD
The Pound spiked to its highest in a month above $1.2550 as signs that Britain might be willing to compromise on sticking points, including fisheries and trade rules, in Brexit negotiations with the European Union.

 

USD/JPY
The Yen slumped to 108.55 undermined by heavy and broad selling of the haven yen, amid market is reportedly waiting for G7 finance ministers to hold a conference call on Wednesday.

 

AUD/USD
The Aussie ran roughshod to $0.6936 as risk-on sentiment is being driven by investors’ reduced U.S-Sino concerns, and echoed by Australia's central bank as it kept interest rates steady at 0.25%.

 

USD/ZAR
The Rand extended gains to 17.10 per dollar buoyed by hopes for global economic recovery.

 

USD/MUR
In Mauritius, the USD/MUR slipped to 40.15(selling) pressured by BOM’s intervention on Tuesday and as U.S dollar haven exodus remained unabated on the International market.

 

Fundamental & Technical Data
Economic Indicators-Local Time

11:55 - EUR - German Unemployment Change (May)

12:30 - GBP - Composite PMI (May)

12:30 - GBP - Services PMI (May)

16:15 - USD - ADP Nonfarm Employment Change (May)

18:00 - USD - ISM Non-Manufacturing PMI (May)

18:00 - CAD - BoC Interest Rate Decision

18:30 - USD - Crude Oil Inventories 

 

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
1.1286
1.2689
110.39
18.40
R2
1.1241
1.2633
109.58
17.81
R1
1.1206
1.2592
109.13
17.99
PP
1.1161
1.2535
108.32
17.50
S1
1.1125
1.2495
107.87
17.23
S2
1.1080
1.2438
107.06
16.58
S3
1.1044
1.2397
106.61
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 Technical Analysis on GBP by Aassan Deedarun on Radio One
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    Head - Forex And Derivatives
    +230 5251 4855
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    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.