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USD
EUR/USD
The Shared currency dropped to $0.9898 as Germany's Factory Orders for July marked a contraction of 13.6% YoY and ahead of Europe's GDP data today.
GBP/USD
The Cable fell to $1.1483 against the dollar amid fears that the incoming UK PM will not be able to avoid a U.K. recession, despite huge stimulus.
USD/JPY
The Japanese yen nosedived to 144.00, the weakest since mid-1998, amid a growing gap in bond yields in the U.S. and Japan and ahead of Japan's GDP data tomorrow.
AUD/USD
The Aussie dollar declined to $0.6715 amid mixed Australian GDP numbers and downbeat Chinese import data.
USD/CAD
The loonie tumbled around 1.3200 against the dollar amidst risk aversions ahead of the BOC rate decision today, and a decline in the price of WTI as recession woes join the market's perception of a production cut from OPEC+.
USD/ZAR
The South African rand dropped to 17.30 against the dollar as data showed that South Africa's economy contracted due to floods and the country's worst-ever power cuts.
USD/MUR
The dollar-rupee edged higher by 10 cents at 44.90(selling).
13:00 - GBP - BoE's Governor Bailey Speech
13:00 - EUR - unemployment rate/ Gross Domestic Product s.a. (QoQ)(Q2)
18:00 - CAD - BoC Interest Rate Decision
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!
