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USD
EUR/USD
The Shared currency plummeted to a low of $0.9950 on Thursday before rebounding quickly above parity in a topsy-turvy move, battered by growing recession fears in the euro area and the economic risks from the euro zone's dependence on Russian gas.
GBP/USD
The Cable extended its drop to $1.1834 as political instability and a bout of risk aversion sent investors snapping up the U.S. dollar.
USD/JPY
The Japanese yen resumed its relentless fall to reach a new 24-year low at 139.40 on Thursday before paring some losses to 138.72 this morning. The Bank of Japan's promise to defend its near-zero target for 10-year yields has further widened the U.S.-Japan yield differential, weighed on the Japanese yen.
AUD/USD
The risk-sensitive Australian dollar firmed at $0.6736, shrugging off data showing a sharper-than-expected decline in economic growth in key trading partner China.
USD/CAD
The Loonie dived to 1.3115 against the greenback despite the surprisingly notable rate hike on the part of the Bank of Canada(BOC) on Wednesday. On Wednesday, the BOC made it clear that the fight against inflation takes top priority.
USD/ZAR
South African rand weakened to 17.20 against the greenback as recessionary fears weighed on emerging market currencies, prompting investors to switch from riskier assets such as the rand to safe-haven assets like the U.S. dollar.
USD/MUR
The dollar-rupee idled at 45.25 (Selling).
16:30 - USD - Retail Sales (MoM)(Jun)
16:30 - USD - Core Retails (MoM)(Jun)
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!
