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Daily Market Patrol

Market Patrol 28 July 2021

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Julia Hartz
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
Outlier Pound vaulted to $1.3893 on reopening borders' rumours.
Fundamental News

EUR/USD
The fibre soared to $1.1840 before retreating to $1.1815 in the wake of US Durable Goods Orders and housing numbers coming in softer-than-expected for June and May, respectively. German GfK Consumer Confidence for August eyed.

 

GBP/USD
The cable vaulted to $1.3893 on rumours that Britain might open borders, while the EU paused legal action against the UK over the Northern Ireland protocol.

 

USD/JPY
Last night, the yen surged to 109.55 per dollar amid growing fears about a Chinese government crackdown on technology, and jitters spilt over into U.S. markets.

 

AUD/USD
Aussie loitered around $0.7351, on mixed sentiment represented by the upbeat Aussie Q2 inflation figures and a 16-month high rate of Covid infections in New South Wales.

 

USD/CAD
Loonie tumbled to 1.2595 per greenback, ahead of Canada Consumer Price Index for June and verdict from Fed Chair Powell statement about inflation, economic growth, interest rates and bond-buying.

 

USD/ZAR
South African rand recovered from yesterday's low at 14.95 to 14.80 per dollar, following a fall in Treasury yields with Fed policy meeting underway.

 

USD/MUR
The Mauritian rupee stayed put at 42.95(selling) on the local market.

Fundamental & Technical Data
Economic Indicators-Local Time

16:30 - CAD - Core CPI (MoM)(Jun)

18:30 - USD - Crude Oil Inventories

22:00 - USD - FOMC Statement

22:00 - USD - Fed Interest Rate Decision

22:30 - USD - FOMC Press Conference

 

 

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
1.1920
1.4054
111.10
14.78
R2
1.1881
1.3974
110.75
14.65
R1
1.1849
1.3927
110.27
14.61
PP
1.1809
1.3847
109.93
14.51
S1
1.1778
1.3799
109.44
14.43
S2
1.1738
1.3719
109.10
14.30
S3
1.1707
1.3672
108.62
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.