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Treasury

Daily Market Patrol

Market Patrol 5 May 2020

Whatever the mind of man can conceive and believe, it can achieve.

Napoleon Hill
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
Reserve Bank of Australia left interest rates on hold at record lows of 0.25% this morning, pushing AUD/USD higher.
Fundamental News

EUR/USD
The single currency tumbled to $1.0900 amid dismal EU Manufacturing PMI data and risk-off mode on Monday, while investors' will keep an eye on a ruling due today at noon regarding a court challenge from German academics to the European Central Bank’s bond-buying program.

 

GBP/USD
The cable consolidated at $1.2460, driven by the nervous sentiment before the UK-US trade talks and the final reading of British Services PMI for April.

 

USD/JPY
The yen escalated to 106.60 against the greenback amid a series of weak U.S. manufacturing activity numbers and rising tensions between the United States and China dented risk sentiment on Monday, while Japanese banks are off for Children's Day.

 

AUD/USD
The Australian dollar crept higher to $0.6450 benefiting from mood shift and after the Reserve Bank of Australia left interest rates on hold at record lows of 0.25% and recommitted to buy as much government debt as needed.

 

USD/ZAR
The South African rand surged to 18.45 per dollar but remained at the mercy of global risk sentiment in emerging countries.

 

USD/MUR
On the local Market, USD/MUR jumped by 20 cents to 40.50(selling), tracking a softer EUR/USD.

 

Fundamental & Technical Data
Economic Indicators-Local Time

12:30 - GBP - Composite PMI (Apr)

12:30 - GBP - Construction PMI (Apr)

12:30 - GBP - Services PMI (Apr)

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

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
07-May-2020
Bank of Japan
-0.10%
28-Jan-2016
16-Jun-2020
Reserve Bank of Australia
0.25%
18-Mar-2020
05-May-2020
S.Africa Reserve Bank
4.25%
14-Apr-2020
21-May-2020
Reserve Bank of India
4.40%
27-Mar-2020
03-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
1.1047
1.2595
107.43
19.54
R2
1.1014
1.2549
107.25
19.34
R1
1.0962
1.2497
106.99
19.17
PP
1.0929
1.2451
106.81
18.76
S1
1.0876
1.2398
106.56
18.58
S2
1.0843
1.2353
106.38
17.99
S3
1.0790
1.2300
106.12
17.81
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
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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.