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Daily Market Patrol

Market Patrol 13 October 2021

Time is a social experience.

Dylan Diamond
Indicative Selling Rates
against MUR
USD
21 Oct 2021
  • AUD
  • 32.60
  • 0.7573
  • BWP
  • 3.94
  • 0.0915
  • CAD
  • 35.25
  • 1.2214
  • CNY
  • 6.83
  • 6.3076
  • DKK
  • 6.84
  • 6.2899
  • EUR
  • 50.38
  • 1.1702
  • HKD
  • 5.63
  • 7.6497
  • INR
  • 0.58
  • 73.7278
  • JPY
  • 38.04
  • 113.1606
  • KES
  • 39.30
  • 109.5385
  • NZD
  • 31.21
  • 0.7250
  • NOK
  • 5.27
  • 8.1705
  • SGD
  • 32.40
  • 1.3288
  • ZAR
  • 3.03
  • 14.1860
  • SEK
  • 5.07
  • 8.4831
  • CHF
  • 47.20
  • 1.0963
  • GBP
  • 59.70
  • 1.3867
  • USD
  • 43.05
  • 1.0000
  • AED
  • 11.85
  • 3.6325
U.S dollar steadied near a one-year high versus rivals ahead of FOMC meeting tonight.
Fundamental News

EUR/USD
The single currency popped from a 15-month month at $1.1522 on concerns from ECB Governing Council member Villeroy de Galhau over the failure of meeting the 2023 inflation target, supporting the existing accommodative monetary policy. Euro last traded at $1.1550.

 

GBP/USD
Sterling meandered around $1.3616 as UK jobs data showed British employers expanded their payrolls to a record high in September, while the unemployment rate edged down to 4.5% in the three months to August.

 

USD/JPY
Japanese yen nosedived a 3-year low at 113.78 against the safe-haven dollar after three Fed policymakers, including Vice Chair Richard Clarida, said overnight that the U.S. economy has healed enough to begin to scale back the central bank's asset-purchase programme.

 

USD/CAD
The Canadian dollar on Tuesday strengthened to its highest level in more than two months against its U.S. counterpart at 1.2433, supported by elevated oil prices.

 

AUD/USD

The risk-sensitive Aussie dollar slipped to $0.7337, retreating from Tuesday's one-month high at $0.7384, over fears of a spillover from China Evergrand's debt crisis continued weighing on investors' sentiment.

 

USD/ZAR
South African rand darted higher to 14.94 per dollar following local data showed August manufacturing output rose 1.8% year on year while mining production grew 2.0% in annual terms the same month.

 

USD/MUR
The dollar-rupee staggered at 43.05(selling) on the domestic market.

Fundamental & Technical Data
Economic Indicators-Local Time

10:00 - GBP - GDP (MoM)

10:00 - GBP - GDP (YoY)

10:00 - GBP - Monthly GDP 3M/3M Change

16:30 - USD - Core CPI (MoM)(Sep)

22:00 - USD - FOMC Meeting Minutes

 

Central Bank Interest Rates
Last Change
New Meeting
Federal Bank of U.S
0.00 -0.25%
16-Mar-2020
03-Nov-2021
European Central Bank
0.00%
10-Mar-2016
28-Oct-2021
Bank of England
0.10%
19-May-2020
04-Nov-2021
Bank of Japan
-0.10%
28-Jan-2016
28-Oct-2021
Reserve Bank of Australia
0.10%
03-Nov-2020
02-Nov-2021
S.Africa Reserve Bank
3.50%
23-Jul-2020
-
Reserve Bank of India
4.00%
22-May-2020
08-Oct-2021
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
1.1605
1.3697
114.72
15.24
R2
1.1588
1.3667
114.25
15.08
R1
1.1559
1.3628
113.93
14.92
PP
1.1542
1.3598
113.47
14.88
S1
1.1513
1.3559
113.15
14.83
S2
1.1496
1.3529
112.68
14.67
S3
1.1467
1.3490
112.36
14.42
Technical Analysis - Forex Charts
The dollar Index extends its intense rebound near one year high
Chart updated on 30.09.2021

The dollar Index extends its intense rebound near the 94.00 threshold, clinching a new high for this year 2021 amid an earlier rate hike expectation and announcement of a nearing tapering asset purchase which clearly impacted the yield curves.

 

A tightening of monetary policy by the European Central Bank remains far in the future but ECB remains vigilant on its inflation figures yet to be released this Friday. This could give additional upward momentum on the USD in the near term and exerts additional selling pressure on the euro and the pound.

 

On the technical side, after a breach and close above the 100% retracement A-B-C (93.72 level) ,the greenback could easily approach the 113% level at 94.38 followed by 127% level – 94.98 level in the near term. Resistance at 96.47 (161.8%) remains key level to watch

GBPUSD riding wave C after completion of triangular retracement of wave B
Chart posted on 30.09.2021

1.3750 marked the completion of ‘wave e’ of the triangular retracement (wave B) of corrective move A-B-C  for GBPUSD and abruptly, we saw fresh sellers entering the market below the 1.3600 levels yesterday.

 

As per Elliott wave principle, GBPUSD is battling around 1.3515 levels and higher inflation, Brexit and Petroleum concerns could exert further pressure on the pound towards 1.32 levels towards completion of wave C.

 

A breach and close above 1.3750 nullify this downward pattern.

Weekly Market Update 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.