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USD
EUR/USD
The Shared currency soared to parity against the USD after its YoY figures for GDP rose to 4.1% versus 3.9% expected, while markets await the ECB policy rate decision today.
GBP/USD
The Cable recovered some of its losses to $1.1500 as Britain's new Prime Minister Liz Truss is considering plans to grant 'dozens' of new North Sea oil and gas exploration licenses to lift domestic production to help ease the country's energy crisis.
USD/JPY
The Japanese yen gained to 143.66 per U.S. dollar as Japan's economy grew faster than initially reported in the second quarter, supported by consumer and business spending amid the lifting of local COVID-19 restrictions.
AUD/USD
The Aussie dollar edged higher to $0.6751 despite less hawkish comments from RBA Governor Lowe on the future interest rate path.
USD/CAD
The loonie beefed to 1.3112 against the dollar post the 75 bps rate hike by the Bank of Canada on the back of a stronger WTI price.
USD/ZAR
The South African rand rose to 17.27 against the greenback even though South African business confidence dropped following shortages in the construction sector.
USD/MUR
The dollar-rupee remained idle at 44.90(selling).
16:15 - EUR - ECB Monetary Policy Decision
16:30 - EUR - Initial Jobless Claims(Sep 2)
16:45 - EUR - ECB Press conference
17:10 - USD - Fed's Chair Powell speech
19:25 - CAD - BoC's Rogers speech
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!
