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Daily Market Patrol

Market Patrol 28 September 2021

I don’t think you can get to be a really good investor over a broad range without doing a massive amount of reading. I don’t think any one book will do it for you.

Charlie Munger
Indicative Selling Rates
against MUR
USD
28 Sep 2021
  • AUD
  • 31.59
  • 0.7363
  • BWP
  • 3.87
  • 0.0903
  • CAD
  • 34.32
  • 1.2499
  • CNY
  • 6.74
  • 6.3691
  • DKK
  • 6.85
  • 6.2658
  • EUR
  • 50.36
  • 1.1738
  • HKD
  • 5.60
  • 7.6564
  • INR
  • 0.59
  • 72.6942
  • JPY
  • 38.89
  • 110.3223
  • KES
  • 39.39
  • 108.9000
  • NZD
  • 30.37
  • 0.7079
  • NOK
  • 5.08
  • 8.4481
  • SGD
  • 32.04
  • 1.3390
  • ZAR
  • 2.92
  • 14.6737
  • SEK
  • 4.99
  • 8.6006
  • CHF
  • 46.61
  • 1.0864
  • GBP
  • 58.99
  • 1.3752
  • USD
  • 42.90
  • 1.0000
  • AED
  • 11.81
  • 3.6324
The Shared currency sidelined with eyes on ECB’s Lagarde and Fed’s Powell speech
Fundamental News

EUR/USD
The Shared currency sidelined at $1.1703 on mixed concerns ahead of Fed Chair Jerome Powell’s and ECB President Lagarde’s testimony due later in the day.

 

GBP/USD
The Sterling recovered to $1.3716 on expectations that the Bank of England could hike interest rates early next year, but fears of a tough winter for the British economy capped its gains.

 

USD/JPY
The Japanese yen hammered to 111.15 versus the U.S dollar on rising bond yields in the U.S. and Europe lured Japanese investors.

 

AUD/USD
The Aussie dollar modestly gained to $0.7302 with data released earlier in the day showed that Australian retail sales contracted 1.7% month-on-month in August.

 

USD/CAD
The Canadian dollar hovered around 1.2625 against the greenback on firmer oil.

 

USD/ZAR
The South African rand ticked down to 14.95 per U.S dollar despite receding fears of widespread market contagion from indebted Chinese developer Evergrande.

 

USD/MUR
The dollar-rupee gained by 5cents to 42.90(selling) on the local market.

Fundamental & Technical Data
Economic Indicators-Local Time

16:00 - EUR - ECB President Lagarde Speaks

18:00 - USD -  CB Consumer Confidence 

18:00 - USD - Fed chair Powell Testifies

 

 

 

 

Central Bank Interest Rates
Last Change
New Meeting
Federal Bank of U.S
0.00 -0.25%
16-Mar-2020
22-Sep-2021
European Central Bank
0.00%
10-Mar-2016
09-Sep-2021
Bank of England
0.10%
19-May-2020
23-Sep-2021
Bank of Japan
-0.10%
28-Jan-2016
21-Sep-2021
Reserve Bank of Australia
0.10%
03-Nov-2020
07-Sep-2021
S.Africa Reserve Bank
3.50%
23-Jul-2020
-
Reserve Bank of India
4.00%
22-May-2020
08-Oct-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
1.1762
1.3806
111.74
15.40
R2
1.1745
1.3768
111.40
14.89
R1
1.1720
1.3735
111.21
14.58
PP
1.1703
1.3697
110.87
14.24
S1
1.1678
1.3664
110.68
14.09
S2
1.1661
1.3626
110.35
13.92
S3
1.1636
1.3593
110.15
13.59
Cable currently riding wave B ( triangle) of a larger retracement A-B-C
Chart posted on 23.09.2021

The pound sterling is hovering near its one-month low around 1.3620 ahead of FOMC and BOE monetary policy meetings. The pound met with some fresh supply in the zone 1.3670-80 which could be a key resistance in the near term followed by 1.3800.

 

On the technical side, GBPUSD appears to be moving in a consolidation zone. As per Elliott wave principle, it appears that GBPUSD is currently riding a wave B ( triangle) of a corrective move A-B-C which could put more pressure to the downside in the near term.

 

A break  and close of 1.3600 opens the door towards 1.3100 in the medium term. A breach of wave A of triangle  (1.3980) invalidates the move and can be bullish in the medium term.

 

 

Weekly Technical Analysis on GBP by Aassan Deedarun on Radio One
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    Head - Forex And Derivatives
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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.