Download Report

Daily Market Report
24th Nov 2014
GLOBAL MARKET INSIGHT
USD: The US dollar is seen as continuing recent gains as the Federal Reserve is viewed as likely to increase interest rates next year as
Europe, Japan and other economies continue very loose monetary policies meant to stimulate growth.
EUR: The euro fell sharply on Friday after European Central Bank chief Mario Draghi said inflation expectations were declining to levels
that were very low, keeping the door open for further monetary easing soon.
GBP: Against the dollar, sterling slipped after the anti EU party UKIP took a second parliamentary seat from Britain’s ruling Conservatives,
a harbinger of growing political risk ahead of next May’s national election.
JPY: The dollar slipped against the yen on Friday after Japanese Prime Minister Taro Aso said that the yen’s recent fall was too rapid and
undesirable.
ZAR: South Africa’s rand held on to the previous day’s gains against the dollar on Friday, after the Central Bank left interest rates
unchanged but indicated they would have to rise eventually.
INR: The RBI, grabbling with a surge in gold imports last month, could support some restrictions for trading houses but two senior
policymakers involved in the bank's decision-making said officials were also wary of overreacting. A senior finance ministry source
said on Tuesday the country would soon announce measures set to center on import restrictions for private trading house that were
eased earlier this year. Private jewelry exporters account for the bulk of demand for gold. Also Coal India sale of stake meets no protest
and strikes.
OVERVIEW OF MAURITIAN MARKET
Cut off for the 182-Days Government of Mauritius Treasury Bills
for a nominal amount of MUR 700 Million was at 1.05%.
Moreover, the Bank of Mauritius intervened on the domestic
foreign exchange market at the bid rate of MUR 31.50/USD on
Friday.
Data Yesterday
Data
BOND BUZZ AND MONEY MARKET
US. Treasury long bond yields fell on Friday in thin trading, in line
with declines in the Eurozone after European Central Bank resident
Mario Draghi said the central bank was prepared to do more to
stimulate the sluggish Eurozone economy.
Data watch today
Actual
Forecast
Preview
CAD CONSUMER PRICE INDEX
(OCT)
2.4%
2.1%
2.1%
GBP PUBLIC SECTOR NET
BORROWING (OCT)
7.1B
7.0B
11.1B
GBP PSNB EX BANKING
GROUPS (OCT)
7.7B
7.7B
11.8B
Data
Forecast
preview
Importance
EUR GERMAN IFOBUSINESS CLIMATE (NOV)
103.0
103.2
EUR GERMAN IFO-CURRENT
ASSESSMENT (NOV)
108.0
108.4
MEDIUM
US MARKIT SERVICES PMI
(NOV)
57.3
57.1
MEDIUM
MEDIUM
Market Levels
Currency
Latest
EUR/USD
1.2398
GBP/USD
1.5662
USD/ZAR
10.9490
USD/JPY
117.85
USD/INR
61.7400
USD/MGA
2720
Currency
Latest
USD/MUR
31.93
EUR/MUR
39.568
GBP/MUR
50.14
ZAR/MUR
2.94
INR/MUR
0.5203
MGA/MUR
1.23
EQUITY
TODAY
DJIA
17810.06
NASDAQ
4712.97
FTSE100
6750.76
NIKKEI1225
17318.31
SEMDEX
2096.81
BRENT
80.63
GOLD
1201.05
SILVER
16.41
Change
Change
-
-
Change
INTEREST RATES
LIBOR RATES
FED
0.25%
ECB
0.05%
BOM REPO
4.65%
RBI REPO
8.0%
BCM REPO
9.5%
Trading Idea for the Day
Exit USDJPY long entered at 117.50
3M
6M
USD
0.23285
0.32690
EUR
0.06214
0.15000
GBP
0.55650
0.68469
International Bond:
The African Export Import Bank was established in Abuja, Nigeria in October, 1993 by African Governments, African private and institutional investors
as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extraAfrican trade. . The authorized share capital of the Bank is Five Billion United States Dollars (US$5 billion). Price for Afrexim 16 is 104.75.
Light Crude: CMP 76.5100
Last session’s price formation indicating, ending diagonal formation is completing but price formation was not so strong. While, in short term crude
need to challenge $78.80 level which is a strong resistance whereas support at $74.10 level. Usually this kind of formation set the price target towards
the starting of the pattern which is nearly $82 level.
Disclaimer: This report has been prepared by members of the Financial Markets Division of the SBM Bank (Mauritius) Ltd, who are not
considered as research analysts and information contained therein should not be considered as “research” as that term is defined by
applicable regulations. Information has been collected from sources believed to be reliable and in good faith by the bank, but no
representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. The information may include
opinions, estimates, indicative rates, terms, price quotations and projections which reflect existing market conditions and are subject to
change, modification or amendment without any prior notice and may vary from views expressed by other members and reports of the
bank or any other institution. The analysis and data compilations contained therein are based on numerous assumptions; different
assumptions could result in materially different opinions.
Contact Us:
PV RAO
(+230 202 1353)
P.BHATTACHARYA
R.SOOBROYDOO
(+230 202 1507)
(+230 202 1633)
Or Reach us at sbmtreasurysales@sbmgroup.mu