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USD
EUR/USD
The Shared currency firmed at $1.0222 after upbeat Eurozone GDP data last Friday. Market eyes for Eurozone PMI and unemployment data due today.
GBP/USD
The cable recovered to $1.2180 as British consumer lending rose last month at its fastest since May 2019 while the number of mortgage approvals fell to the lowest since June 2020, the latest sign that British consumers are facing an increasing cost-of-living crisis.
USD/JPY
The Japanese yen extended gains to 132.50 against the greenback as markets continued to wager that the Federal Reserve has less tightening to do with the U.S. economy at risk of recession.
AUD/USD
The Australian pared its gains at $0.6990 after China's downbeat Caixin Manufacturing PMI for July. RBA interest rate decision remains an important event tomorrow morning.
USD/ZAR
South Africa's rand weakened to 16.63 against the dollar on Friday after S.A. data showed the country recorded a smaller-than-expected trade surplus for June.
USD/MUR
The dollar-rupee remained unchanged at 45.15 (selling).
12:00 - EUR - S&P Global Manufacturing PMI(Jul)
13:00 - EUR - Unemployment Rate(Jun)
17:45 - USD - S&P Global Manufacturing PMI(Jul)
18:00 - USD - ISM Manufacturing Employment Index(Jul)
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!
