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Daily Market Patrol

Market Patrol 23 July 2021

Trading doesn't just reveal your character, it also builds it if you stay in the game long enough

Yvan Byeajee
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 failed to recover on ECB's dovish guidance.
Fundamental News

EUR/USD
The Single currency initially spiked to $1.1830 before falling back to $1.1769, following the European Central Bank’s unchanged monetary policy and new forward guidance that many believe could keep interest rates lower for a longer period.

 

GBP/USD
The British pound recovered from steep losses to $1.3755, buoyed by improved risk sentiment, even with COVID-19 cases broadly on the rise.

 

USD/JPY
The Japanese yen inched down to 110.26 against the greenback as Japanese markets were closed for a holiday, with the Tokyo Olympics due to open later in the day.

 

AUD/USD
The Aussie dollar meandered at $0.7374 as Australia sees no reprieve from the escalating coronavirus concerns.

 

USD/CAD
The Canadian dollar modestly gained to 1.2568 versus the greenback on bullish oil prices and amid a subdued USD demand.

 

USD/ZAR
South Africa's rand slid to 14.72 per U.S dollar as the Reserve Bank of South Africa held interest rates unchanged and suggested the monetary policy was likely to stay accommodative for a long time.

 

USD/MUR
The dollar-rupee unbothered at 42.95(selling).

Fundamental & Technical Data
Economic Indicators-Local Time

10:00 - GBP - Retail Sales (MoM) (Jun)

11:30 - EUR - German Manufacturing PMI (Jul)

12:30 - GBP - Manufacturing PMI

12:30 - GBP - Services PMI

 

 

 

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
1.1886
1.3902
110.71
14.78
R2
1.1858
1.3844
110.53
14.65
R1
1.1814
1.3806
110.36
14.61
PP
1.1786
1.3748
110.18
14.51
S1
1.1742
1.3710
110.01
14.43
S2
1.1714
1.3652
109.83
14.30
S3
1.1670
1.3614
109.66
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.