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Treasury

Daily Market Patrol

Market Patrol 4 June 2020

Friendship is like money, easier made than kept.

Samuel Butler
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 recovered some grounds this morning amid resurfacing US-China tensions as US administration could reportedly impose sanctions on four additional state-run Chinese media outlets as foreign embassies.
Fundamental News

EUR/USD
The Single currency held above $1.1200, off multi-month highs of $1.1257 on Wednesday, ahead of today’s European Central Bank monetary policy decision. The ECB is expected to increase the size of its 750 bn Euro Pandemic Emergency Purchase Programme.

 

GBP/USD
The Pound slipped to $1.2540 in the wake of doubts of a likely extension to the Brexit transition where the UK has until July 1 to ask for an extension to the current transition period, which ends in December.

 

USD/JPY
The Yen extended decline to 109.00 against the greenback as market mood turned cautious in Asia and re-ignited the haven demand for the U.S dollar. U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen.

 

AUD/USD
The Aussie pulled back from a 5-month top of $0.6984 to $0.6880, failing to cheer the additional stimulus of $688 million Home Builder program by the Australian government, as the U.S china tensions and resurgent US dollar demand offset upbeat Australian trade balance and retail sales data.

 

USD/ZAR
The rand soared to 16.96 per dollar despite South Africa's Purchasing Managers' Index (PMI) contracted again in May, reaching a record low, as output and new sales collapsed during the nationwide coronavirus lockdown that began in March.

 

USD/MUR
The USD/MUR idled at 40.15(selling), following the 30cts drop the previous day.

Fundamental & Technical Data
Economic Indicators-Local Time

12:30 - GBP - Construction PMI (May)

15:45 - EUR - Deposit Facility Rate (Jun)

15:45 - EUR - ECB Marginal Lending Facility

15:45 - EUR - ECB Monetary Policy Statement

15:45 - EUR - ECB Interest Rate Decision (Jun)

16:30 - USD - Initial Jobless Claims

16:30 - EUR - ECB Press Conference

 

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
1.1363
1.2679
109.68
17.98
R2
1.1310
1.2647
109.33
17.66
R1
1.1272
1.2611
109.12
17.29
PP
1.1219
1.2579
108.77
16.87
S1
1.1181
1.2542
108.56
16.58
S2
1.1128
1.2510
108.21
15.92
S3
1.1090
1.2473
108.00
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 Technical Analysis on GBP by Aassan Deedarun 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.