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Treasury

Daily Market Patrol

Market Patrol 29 July 2021

Don't be afraid to give up the good to go for the great

John D. Rockefeller
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
U.S dollar nursed losses after Fed's Powell failed to provide taper timeline.
Fundamental News

EUR/USD
The Shared currency initially dipped to $1.1771 before bouncing to $1.1856 after the Federal Reserve kept interest rates and the QE program unchanged last night, while Fed's Chairman Powell failed to set a timeline for tapering Fed asset purchase in his statement.

 

GBP/USD
The Pound soared to $1.3938 on reports that UK's coronavirus infections dropped for the seventh consecutive day, raising confidence in the U.K. economic recovery.

 

USD/JPY
The Japanese yen spiked to 109.70 per U.S dollar, underpinned by the latest insistence from Federal Reserve chairman Jerome Powell that  U.S. rate increases are still far off.

 

AUD/USD
The Aussie modestly gained to $0.7384 though it has been held back by a lengthening lockdown in Australia's most populous city of Sydney.

 

USD/CAD
The Loonie spiked to 1.2480 versus the greenback on news that the U.S Federal Reserve will establish separate domestic and international standing repo facilities to backstop money markets during times of stress, while  Canadian's national data showed annual inflation easing in June.

 

USD/ZAR
The South African rand extended gains to 14.70 versus the greenback aided by dovish Powell briefing and a rise in risk appetite, weighed heavily on the appeal of the U.S dollar.

 

USD/MUR
The dollar-rupee idled at 42.95 (selling) unfazed by international movements.

Fundamental & Technical Data
Economic Indicators-Local Time

11:55 - EUR - German unemployment Change (Jul)

15:30 - EUR - ECB Publishes Account of monetary policy meeting

16:30 - USD - Initial Jobless Claims

16:30 - USD - GDP (QoQ) (Q2)

18:00 - USD - Pending Home Sales (MoM) (Jul)

 

 

 

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
1.1947
1.3996
110.76
14.78
R2
1.1899
1.3954
110.52
14.65
R1
1.1871
1.3929
110.22
14.61
PP
1.1823
1.3887
109.98
14.51
S1
1.1795
1.3862
109.68
14.43
S2
1.1747
1.3820
109.44
14.30
S3
1.1719
1.3795
109.14
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.