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USD
EUR/USD
The Shared currency gained traction to $1.0180 as investors await the minutes from last month's Fed meeting, which will be released later today and will likely give investors further clues about the U.S. interest rate trajectory.
GBP/USD
The Cable rose to $1.2120 after Britain's labour market showed more signs of cooling with the number of people in employment growth in the April-June period, a lot less than expected, while the number of job vacancies fell for the first time since mid-2020.
USD/JPY
The Japanese yen strengthened to 134.12 per U.S dollar, although mixed Japan's trade data released earlier today.
AUD/USD
The Aussie extended its fall to $0.7016, weighed down by the slowdown in the Chinese economy, a major market for Australia's raw materials.
USD/CAD
The Loonie darted higher to 1.2840 against the greenback as Canadian inflation slowed to 7.6% in July, matching analyst forecasts and down from an almost 40-year high of 8.1% in June, Statistics Canada data showed yesterday.
USD/ZAR
The South African rand ticked up against the dollar to 16.41 on Tuesday as investors awaited policy cues from the U.S. Federal Reserve on its pace of interest rate hikes to tame inflation.
USD/MUR
The dollar-rupee idled at 45.00(Selling).
10:00 - GBP - CPI (YoY)(Jul)
16:30 - USD - Core Retail Sales (MoM)(Jul)
16:30 - USD - Retail Sales (MoM)(Jul)
18:30 - USD - Crude Oil Inventories
22:00 - USD - FOMC Meeting Minutes
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!
