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USD
EUR/USD
The Shared currency climbed above $1.0200 figure as the pair got a boost by ECB comments that policymakers might discuss 50bps rate hikes while Eurozone inflation rose by 8.6% YoY , in line with estimations and previous readings.
GBP/USD
The Cable edged higher to $1.2035 as BoE’s Governor Bailey said that 50 bps rate hikes are on the table in the next meeting. Market eyes for retail sales and CPI data.
USD/JPY
The Japanese yen traded sideways at 138.00 ahead of BoJ policy announcement tomorrow.
AUD/USD
The Australian dollar boosted to $0.6920 as RBA Governor Philip Lowe on Wednesday emphasized higher rates were needed to anchor inflation expectations. On the other side, Public Bank of China left PLR unchanged.
USD/CAD
The Loonie recorded solid gains to 1.2867 amid broad dollar weakness ahead of CPI data later during the day.
USD/ZAR
South African rand firmed to 17.08 as inflationary pressures have hurt South African consumers as the dollar fell due to cooling expectations for a full percentage-point Federal Reserve Bank interest rate hike next week.
USD/MUR
The dollar-rupee remained unchanged at 45.40 (Selling).
16:30 - CAD - CPI
18:00 - EUR - Consumer confidence
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!
