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USD
EUR/USD
The Shared currency hovered around yesterday's low of $1.0210 amid growing fears of an energy crisis as Russia halted oil pumping through the Druzbha pipeline due to payment issues. Market eyes for Germany and Italy's inflation data are due today.
GBP/USD
The pound slid to $1.2076 after the Bank of England warned of a bleak U.K. economic outlook. The Bank's baseline scenario is for the economy to slide into a 15-month recession, during which time the Gross Domestic Product (GDP) could contract by more than 2% and the U.K. unemployment rate to rise in the middle of 2023.
USD/JPY
The Japanese yen traded rangebound between 134.70 and 135.30 ahead of key inflation data from the U.S. later during the day.
AUD/USD
The Australian dollar edged lower to $0.6955 as China's headline Consumer Price Index (CPI) eases to 2.7% YoY in July versus 2.9% expected.
USD/CAD
USD/ZAR
South Africa's rand slipped to 16.66 versus the greenback amid unrest in South Africa and the prospect of further power cuts in the country.
USD/MUR
The dollar-rupee remained unchanged at 45.25 (selling).
16.30- USD - CPI
Past
EUR like a Deer in the headlights.
Euro has been trending lower over the last couple of months in the range of $1.06 and $1.0350. , unable to process and respond to the wicked combination of higher inflation and recession fears.
Current
Euro has pierced through key support yesterday and sank to $1.0234, its weakest since December 2002
Forecast
A dip to parity or below is in the cards.
1st target @ 0.9906 78.6% fibo retracement
2nd target @ 0.9127 88.6% Fibonacci retracement
Invalidation level @ 0.8221
Past
Double zig-zag upward correction W-X-Y
USD/MUR surged 24% from 37.05 of March 20 to 45.95 as of 6th July 22
Clear 5-wave structure since Feb 2018
Current
BOM shocking intervention higher at 45.30, a boon for U.S dollar against the rupee in the coming days.
Future
Anticipating Wave (v) of 5 of c of (Y) to end near 47.50, 161% Fibonacci projection
Invalidation Level @ 39.25
Past
After reaching a high of 51.05 (buying TT) in July 2021, the EUR/MUR failed to keep the bullish trend seen in 2020 and 2021 undermined by a falling EUR/USD since 2021.
The pair plummeted to a low of 44.61 on 13th of May 2021 before staging a recovery to 47.78 on 30th June 2022.
Future
However, the rebound on the EUR/MUR appeared short-lived as it turned south again this week
The pair could dive in the range of 43.50 and 44.50 in the coming weeks.
Invalidation level @51.05!
