Internet Banking
Click icon again to close

Treasury

Daily Market Patrol

Market Patrol 6 July 2020

Achievement unlocks more ambition, and there's always so much more you can do. 

Cliff Obrecht
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 drifted lower against major currencies amid market waiting for ISM non-manufacturing data due later
Fundamental News

EUR/USD
The single currency cheered to $1.1290, buoyed by ECB member Villeroy de Galhau comments that the coronavirus pandemic has permanently changed European economic policy and the non-conventional tools adopted by the central bank have now become quasi-conventional. German's industrial orders for May and Eurozone retail sales is scheduled for release today.

 

GBP/USD
The cable pierced to $1.2495 following Bank of England Governor Andrew Bailey warned over the negative interest rates during the weekend.


USD/JPY
The yen drifted lower to 107.77 against the greenback as gains in Asian share prices encouraged some risk-on trades. ISM Non-Manufacturing, Markit’s Services PMI are next on tap.

 

AUD/USD
The Aussie capped gains at $0.6965 despite Australia's Victoria state will close its border with the country's most populous state of New South Wales to contain a sudden spike in coronavirus infections. Market eyeing Reserve Bank of Australia (RBA) policy meeting on Tuesday.


USD/ZAR
South Africa's rand edged higher to 16.93 against the buck as US-China jitters return to the markets as sentiment driver.

 

USD/MUR
On the domestic side, the pair remains unfazed at 40.15(selling).

Fundamental & Technical Data
Economic Indicators-Local Time

12:30 - GBP - Construction PMI (Jun)

18:00 - USD - ISM Non-Manufacturing 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
1.1295
1.2560
107.72
17.52
R2
1.1274
1.2527
107.65
17.40
R1
1.1261
1.2504
107.58
17.07
PP
1.1240
1.2471
107.51
17.93
S1
1.1228
1.2449
107.44
17.78
S2
1.1207
1.2416
107.37
16.58
S3
1.1194
1.2393
107.29
16.46
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 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.