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Daily Market Patrol

Market Patrol 23 November 2021

This is the clout and power of investing. You get to make decisions that can really shift the culture.

Renee Montgomery
Indicative Selling Rates
against MUR
USD
24 Jan 2022
  • AUD
  • 31.66
  • 0.7245
  • BWP
  • 3.86
  • 0.0883
  • CAD
  • 35.08
  • 1.2457
  • CNY
  • 6.99
  • 6.2514
  • DKK
  • 6.75
  • 6.4717
  • EUR
  • 49.70
  • 1.1373
  • HKD
  • 5.70
  • 7.6639
  • INR
  • 0.60
  • 73.2675
  • JPY
  • 38.72
  • 112.8605
  • KES
  • 39.00
  • 112.0450
  • NZD
  • 29.61
  • 0.6776
  • NOK
  • 5.00
  • 8.7321
  • SGD
  • 32.85
  • 1.3302
  • ZAR
  • 2.95
  • 14.8073
  • SEK
  • 4.81
  • 9.0874
  • CHF
  • 48.16
  • 1.1020
  • GBP
  • 59.48
  • 1.3611
  • USD
  • 43.70
  • 1.0000
  • AED
  • 12.03
  • 3.6329
King U.S dollar reigned across rivals on re-nomination of Jerome Powell as Federal Reserve Chair.
Fundamental News

EUR/USD
The common currency plummeted to a fresh low of $1.1224, hurt by a resurgence in COVID-19 cases in Europe, dousing investor hopes of a quicker recovery in consumption and growth worldwide.

 

GBP/USD
The cable plunged to $1.3393 on news citing France's warning to the U.K. as the post-Brexit fishing dispute escalated among them.

 

USD/JPY
The Japanese Yen lost altitude to 115.08 per dollar after Federal Reserve Chair Jerome Powell was reappointed for a second term, emboldening bets on higher U.S. interest rates.

 

USD/CAD
The Loonie tumbled to 1.27 against the strong greenback as Fed Chair Powell's nomination drove expectations that the central bank will stay the course on tapering economic support.

 

AUD/USD
The Australian dollar dragged down to $0.7220 over fears of fresh US-China tussles as the U.S. warships again sail on the sensitive Taiwan Strait on Tuesday.

 

USD/ZAR
Rand fell to 14.85 per dollar, taking its cue from global factors, with the outlook for U.S. monetary policy a major theme.

 

USD/MUR
The local pair ticked up by 3 cents to 43.45(selling) on the domestic market.

Fundamental & Technical Data
Economic Indicators-Local Time

13:30 - GBP - Composite PMI

13:30 - GBP - Manufacturing PMI

13:30 - GBP - Services PMI

 

 

Central Bank Interest Rates
Last Change
New Meeting
Federal Bank of U.S
0.00 -0.25%
16-Mar-2020
15-Dec-2021
European Central Bank
0.00%
10-Mar-2016
12-Dec-2021
Bank of England
0.10%
19-May-2020
16-Dec-2021
Bank of Japan
-0.10%
28-Jan-2016
17-Dec-2021
Reserve Bank of Australia
0.10%
03-Nov-2020
07-Dec-2021
S.Africa Reserve Bank
3.50%
23-Jul-2020
-
Reserve Bank of India
4.00%
22-May-2020
08-Dec-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
1.1339
1.3510
116.24
16.13
R2
1.1316
1.3484
115.60
15.90
R1
1.1276
1.3437
115.22
15.78
PP
1.1254
1.3411
114.58
15.67
S1
1.1214
1.3365
114.21
15.43
S2
1.1191
1.3338
113.57
15.21
S3
1.1151
1.3292
113.19
14.85
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 Technical analysis by Keshav Callychurn on Radio one
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  • Allan Juste
    Head - Forex And Derivatives
    +230 5251 4855
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    Head – Treasury Sales
    +230 403 5500
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    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.