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Daily Market Patrol

Market Patrol 21 July 2021

The markets are unforgiving, and emotional trading always results in losses.

Alexander Elder
Indicative Selling Rates
against MUR
USD
20 Sep 2021
  • AUD
  • 31.22
  • 0.7295
  • BWP
  • 3.91
  • 0.0914
  • CAD
  • 33.73
  • 1.2691
  • CNY
  • 6.71
  • 6.3788
  • DKK
  • 6.84
  • 6.2566
  • EUR
  • 50.31
  • 1.1755
  • HKD
  • 5.59
  • 7.6619
  • INR
  • 0.59
  • 72.6819
  • JPY
  • 39.24
  • 109.0796
  • KES
  • 39.39
  • 108.6531
  • NZD
  • 30.30
  • 0.7080
  • NOK
  • 4.98
  • 8.5866
  • SGD
  • 32.02
  • 1.3367
  • ZAR
  • 2.94
  • 14.5487
  • SEK
  • 4.98
  • 8.5976
  • CHF
  • 46.22
  • 1.0799
  • GBP
  • 58.88
  • 1.3757
  • USD
  • 42.80
  • 1.0000
  • AED
  • 11.78
  • 3.6323
The Single currency knocked down on recent risk aversion ahead of ECB
Fundamental News

EUR/USD
The Single currency knocked down to $1.1774 on recent risk aversion that gave the greenback a boost ebbed and ahead of the European Central Bank (ECB)’s latest policy decision.

 

GBP/USD
The British pound weighed down to $1.3614 by Brexit woes amid reports that the UK will threaten this week to deviate from the Northern Ireland Protocol of the Brexit deal and a surge in infections in the UK caused largely by the highly contagious Delta variant of the coronavirus also acted as a headwind for the sterling.

 

USD/JPY
The Japanese yen lost ground to 109.89 per U.S dollar although Japanese trade data released earlier in the day said exports grew 48.6% year-on-year, a fourth consecutive month of double-digit gains, and imports grew 32.7% year-on-year in June.

 

AUD/USD
The Aussie dollar was down to $0.7310, with Australia’s latest retail sales figures falling 1.8% month-on-month.

 

USD/CAD
The Loonie trimmed losses to 1.2707 against the U.S dollar on the back of modest rebound of the barrel of West Texas Intermediate.

 

USD/ZAR
South Africa's rand slipped to 14.67 versus the greenback as the fast spread of the Delta coronavirus variant made global investors nervous and drove a continued flight to safer assets.

 

USD/MUR
The dollar-rupee climbed by 5 cents to 43.05(selling) on the Mauritian market.

Fundamental & Technical Data
Economic Indicators-Local Time

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
28-Jul-2021
European Central Bank
0.00%
10-Mar-2016
22-Jul-2021
Bank of England
0.10%
19-May-2020
05-Aug-2021
Bank of Japan
-0.10%
28-Jan-2016
16-Jul-2021
Reserve Bank of Australia
0.10%
03-Nov-2020
06-Jul-2021
S.Africa Reserve Bank
3.50%
23-Jul-2020
-
Reserve Bank of India
4.00%
22-May-2020
06-Aug-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
1.1852
1.3804
110.73
14.78
R2
1.1827
1.3747
110.35
14.65
R1
1.1805
1.3687
110.10
14.61
PP
1.1780
1.3630
109.72
14.51
S1
1.1758
1.3570
109.47
14.43
S2
1.1733
1.3513
109.09
14.30
S3
1.1711
1.3453
108.84
14.08
Technical Analysis - Forex Charts
EURGBP riding wave C
Chart updated on 21.06.2021

EURGBP appears to be riding into a corrective wave  A-B-C after completing 5 waves to the downside. Yesterday, we observed an impulsive break out  of wave B  channel  which could lead EURGBP towards final wave C as per Elliott wave analysis. we remain bullish on EURGBP with stop loss below 0.8500 targeting 0.8757 , 0.8826 and ultimately 0.8915.

 

 

127% appears to be good level for short term rebound to the upside for GBPJPY
Chart posted on 21.07.2021

After rallying towards a high of 156.07 end of May 2021, we saw a three wave corrective move to the downside in GBPJPY which possibly could  be the end of a corrective wave A-B-C  before a new high is formed  or possibly  part of a larger corrective combination wave W-X-Y as per Elliott wave perspective.

 

127% appears to be good level for short term rebound to the upside.

 

Approaching 149.00/149.10 could be an opportunity to long the market with stop below 148.30 with  targets  levels 150 , 150.71 and 151.70.

Weekly FX Market Analysis 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.