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USD
EUR/USD
The Shared currency climbed to $0.9961 on hopes over Germany's stimulus and soaring ECB hawkish bets for policy decision due on Thursday.
GBP/USD
The Cable rose to $1.1587 against the dollar as Liz Truss's win warrants UK's political stability.
USD/JPY
The Japanese yen weakened further to 140.90 against the greenback as the divergence between the Fed and the Bank of Japan monetary policy widened amid firmer US yields.
AUD/USD
The Aussie dollar remained resilient towards $0.6807 after the expected increase in the official cash rate from 1.85% to 2.35% by the Reserve bank of Australia.
USD/CAD
The loonie edged higher to 1.3100 against the dollar as the pair awaits the BOC's interest rate decision tomorrow.
USD/ZAR
The South African rand gained some strength to 17.03 against the greenback as demand for safe haven dropped despite global economic growth and energy crisis concerns.
USD/MUR
The dollar-rupee stayed put at 44.80(selling).
12:30 - GBP - S&P Global Construction PMI (Aug)
17:45 - USD - S&P Global Composite PMI (Aug)
18:00 - USD - ISM Services Employment Index(Aug)
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!
