Market Patrol 26 July 2021

The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.

Jack Schwager

Indicative Selling Rates
against MUR
USD

24 Apr 2024

AUD
30.84
0.6580

BWP
3.43
0.0732

CAD
34.58
1.3552

CNY
6.56
7.1461

DKK
6.83
6.8651

EUR
50.42
1.0758

HKD
6.07
7.7178

INR
0.57
81.9769

JPY
30.62
153.0506

KES
35.48
132.1115

NZD
28.11
0.5997

NOK
4.40
10.6625

SGD
34.83
1.3457

ZAR
2.54
18.4847

SEK
4.40
10.6565

CHF
51.73
1.1037

GBP
58.66
1.2515

USD
46.87
1.0000

AED
12.96
3.6156

U.S dollar loitered across the board ahead of directional clues from German Business Climate data and US New Home Sales for June.

Fundamental News

EUR/USD
The single currency traded flat at $1.1780, showing little reaction to the purchasing manager surveys of France, Germany and the eurozone. Market waiting for the German Business Climate data and US New Home Sales for June to take fresh trading impetus.

GBP/USD
The cable seesawed around $1.3755 although the headline UK Retail Sales on Friday recorded a growth of 0.5% in June compared to 0.4% expected.

USD/JPY
The yen soared to 110.27 per dollar, shrugging off downbeat Japanese Services PMI this morning.

USD/CAD
Loonie was sidelined at 1.2582 per greenback, even after a better-than-expected Canadian retail sales report.

AUD/USD
Aussie tumbled to $0.7350 as the risk-off mood intensifies amid tensions surrounding the US-China talks and looming Covid worries in Australia.

USD/ZAR
The South African rand extended a recent slide to 14.85 per dollar as the arson and looting could have a lasting economic impact on the country.

USD/MUR
The dollar rupee unchanged at 42.95(selling) on the local market.

Fundamental & Technical Data

Economic Indicators-Local Time

12:00 - EUR - German Ifo Business Climate Index (Jul)

18:00 - USD - New Home Sales (Jun)

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

1.1819

1.3838

111.23

14.78

1.1803

1.3809

110.91

14.65

1.1787

1.3778

110.72

14.61

1.1771

1.3749

110.40

14.51

1.1755

1.3718

110.21

14.43

1.1739

1.3689

109.89

14.30

1.1723

1.3658

109.70

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.

Previous View Market Patrol Archives Next

Markey update on Biz Week by Christie Ng

Listen

Speak to our team

Allan Juste

Head - Forex And Derivatives

+230 5251 4855

Email
Reshma Peerun Rajwani

Head – Treasury Sales

+230 403 5500

Email

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.

Treasury

Daily Market Patrol