Treasury Market Update Ma
Foreign Exchange (FX)
Latest Market News
the US dollar after BOJ Governor Kuroda had general exchange of views on the
> The single currency rallied from 1.0639 to 1.0882 against the U.S. dollar as the Euro
Japanese economy with PM Abe this morning, wherein he repeated his statement
received some assistance from the news that the EU is considering bringing forward
that economy remains on gradual recovery path and that there is no change in
a financial lifeline for Athens by a few weeks, although there is no major change in
medium to long-term price trend.
the overall situation. Market focus today will be on Berlin, where a key meeting
between Greek PM Tsipras and Chancellor Merkel will take place, which may cause
> AUDUSD peaked above 0.7800 in the Asian session this morning on the back of
increased volatility, depending on the outcome.
widespread USD weakness ahead of some important economic data to be released
in China tomorrow.
> The Cable firmed sharply to $ 1.4945 as uncertainty over how quickly U.S. interest
rates will rise sparked a broad based selloff in the greenback.
> The ZAR strengthened to 10.02 per dlr on the back of broad based weakness of
the Greenback.
> USD/JPY tumbled on Friday due to renewed broad-based selling in the greenback,
price fell from European high of 121.20 to 119.90 in New York session, then mar> Against the MUR, the USD sheds 10 cents while the AUD, EUR, JPY, ZAR and
ginally lower to 119.83 in Australia earlier today. The yen regained strength versus
GBP gain 47, 41, 14, 5 and 52 cents respectively.
Daily Technical View
EURUSD: EURUSD made the predicted move again for a push up to 1.0880 after holding the low at 1.0655. For today, we are expecting the market to make a push to
around 1.0860, whereas on the downside a break of 1.0790 will see it move down to 1.0705.
Mauritian Rupee (Indicative Spot Rates)
Buying
Today
Previous
AUD
27.59
EUR
38.79
GBP
Change
Mauritian Rupee (Indicative Forward Rates)
Selling
Today
Previous
27.14
28.97
28.50
38.40
39.95
39.54
53.59
53.08
55.19
USD/MUR
Change
EUR/MUR
Buy
Sell
Buy
Sell
1 month
35.759
36.846
38.838
40.056
2 month
35.793
36.946
38.873
40.169
54.67
3 month
35.828
37.064
38.915
40.305
6 month
35.921
37.465
39.098
40.788
JPY
0.2943
0.2930
0.3099
0.3085
USD
35.69
35.79
36.76
36.86
ZAR
2.93
2.88
3.09
3.04
Spot Rates - Rolling Five Day Chart (Mid-rates)
1.0930
USD/MUR
GBP/USD
EUR/USD
1.5075
Latest Bid - Ask:
1.0810 - 1.0814
1.0850
37.30
Latest Bid - Ask:
1.4930 - 1.4934
36.95
1.4995
1.0816
1.4942
1.0770
1.4915
36.60
1.0690
1.4835
36.25
1.0610
1.4755
35.90
1.0530
1.4675
35.55
36.23
1.0450
1.4595
17 Mar
18 Mar
19 Mar
20 Mar
23 Mar
35.20
17 Mar
18 Mar
Market Highlights (v/s USD)
20 Mar
23 Mar
17 Mar
18 Mar
19 Mar
20 Mar
23 Mar
Renminbi Focus (Indicative rates)
New York
AUD*
19 Mar
Far East
Latest
CNY/MUR
Low
High
Low
High
Low
High
0.7674
0.7802
0.7766
0.7833
0.7766
0.7833
USD/CNY
Buy
Sell
Buy
Sell
Spot
5.650
5.940
6.205
6.207
5.652
5.944
6.229
6.232
5.629
5.968
6.273
6.276
GBP*
1.4744
1.4988
1.4919
1.4988
1.4919
1.4988
1 month
EUR*
1.0681
1.0881
1.0786
1.0882
1.0786
1.0882
3 month
CHF
0.9729
0.9867
0.9735
0.9796
0.9735
0.9796
JPY
119.91
121.09
119.77
120.11
119.77
120.11
* AUD, GBP and EUR are the base currencies
Today’s Major Announcements (at GMT)
14 00 : EU - ECB President Draghi’s Speech
15 00 : EU - Consumer Confidence
This commentary is for information only, and the comments and forecasts are intended to be of a general nature, and are current at the date of issue. This document is not intended as an offer,
solicitation, or recommendation to buy or sell financial instruments or for any individual investment.
Source: MCB Treasury, Reuters, Bloomberg.com, FT.com, GBOT, CME, and Bank of Mauritius
rd
*Previous trading prices
23 March 2015
Treasury Market Update Ma
earn
Fixed Income (FI)
Latest Market News
International Market:
Local Market:
> The Bank of Mauritius accepted 3 bids amounting to MUR 500 million at the average weighted yield of 1.95 percent in the auction for Treasury bills with maturity
period of 364 days on Friday.
> Having booked their profits after the Federal Reserve announcement on Wednesday,
traders were back on a buying spree in the market on Friday, driving yields on U.S
Treasuries lower.
> As the market remains very liquid, weighted yield traded down by 48 points from
the last auction in February.
> Yields on German 10-year bunds hit a record low of 0.168 percent as the ECB
adopts its bond-buying programme.
> After the Federal Reserve reinforced the outlook for low inflation, prices on U.S 30
year Treasuries remain supported with yields moving up to 2.50 percent on Friday after
having touched a low of 2.496 percent the previous day
Money & Swap Markets
Local Secondary Market Rates
Government Benchmark Bond Yields
Yield at which we
Days to maturity
Buy (%)
Sell (%)
91 to 135
2.10
1.90
136 to 180
2.10
1.90
181 to 240
2.15
1.95
241 to 300
301 to 364
2.15
2.15
1.95
1.95
International Markets Rates
1 Week
1 Month
3 Month
6 Month
2 Year
5 Year
10 Year
US Bonds
0.579
1.409
1.924
UK Bonds
0.394
1.140
1.513
German Bonds
-0.241
-0.113
0.178
Change in LIBOR (Today v/s Previous)
LIBOR:
EUR
-0.081%
-0.016%
0.014%
0.069%
USD
0.142%
0.174%
0.267%
0.397%
0.004
GBP
0.486%
0.505%
0.566%
0.683%
0.003
EURIBOR
-0.055%
-0.014%
0.021%
0.089%
0.002
EUR
USD
0.001
Indicative Generic Swap Rates*
0.000
Tenor
2yr
5yr
7yr
10yr
12yr
15yr
EURIBOR - 3m
0.019%
0.166%
0.286%
0.455%
0.548%
0.653%
-0.001
-0.002
-0.003
USD LIBOR - 3m
0.843%
1.566%
1.807%
2.018%
2.110%
2.202%
*Pay fixed and receive floating swap
-0.004
-0.005
1 Week
1 Month
3 Month
6 Month
Key Interest Rates
Cycle
% per annum
Current level
View & Start date
Level
Last Move
Next Exp Move
4.65
Easing: 28 Sept 08
8.25
June 13 (-0.25)
Q1 2015
Feds fund rate
0 - 0.25
Easing: 17 Sept 07
5.25
Dec 08 (-0.75 -1.00)
Q2 2015
BOE bank rate
0.50
Easing: 6 Dec 07
5.75
Mar 09 (-0.25)
Q3 2015
ECB refinancing rate
0.15
Easing: 5 June 14
1.00
Jun 14 (-0.10)
Q1 2015
China: Working capital rate
5.60
Easing: 22 Nov 14
5.31
Nov 14 (-0.40)
Q1 2015
India: Repo rate
7.75
Tightening: 19 Mar 10
4.75
Jan 15 (-0.25)
Q1 2015
BOM Repo rate
This commentary is for information only, and the comments and forecasts are intended to be of a general nature, and are current at the date of issue. This document is not intended as
an offer, solicitation, or recommendation to buy or sell financial instruments or for any individual investment.
Source: MCB Treasury, Reuters, Bloomberg.com, FT.com, GBOT, CME, and Bank of Mauritius
rd
*Previous trading prices
23 March 2015
Treasury Market Update Ma
earn
Commodities
Latest Market News
> Gold prices strengthened this morning, trading above the USD 1,184.00 level both
on the spot and futures markets.
> Crude Oil prices edged higher in Asia this morning, with both Brent and WTI trad
ing above 54.85 and 46.0 mark respectively.
> Gold retained gains from a three-day rally today to trade near its highest in two
weeks, boosted by a weaker dollar.
> U.S. crude oil ended sharply higher on Friday, as the dollar tumbled against a basket
of major currencies, under pressure from the Federal statement regarding rate
hikes. Investors largely ignored the supply glut situation, despite indications that
global stockpiles will continue to rise.
> The yellow metal is extending the rebound from multi-month lows in the $1,140
region, popped up by the strong offered tone surrounding the greenback. The re
cent dovish tone from the FOMC meeting has already given Gold an extra boost,
after indicating that a rates lift-off could take longer than estimated and those rates
could increase gradually and peak lower than in previous years.
Spot & Futures Markets (in USD)
Today
Spot Market
Previous
54.87
54.66
46.02
43.90
1184.80
1169.10
16.76
16.17
2.79
2.67
> WTI Crude for April delivery gained 5.0 pct. to USD 46.17/barrel, while Brent rose
1.4 pct. to USD 55.18/barrel
Change
Source
Futures Market
Today
Previous
Change
Energy:
- Brent Crude Oil
- WTI Crude Oil
Metals:
- Gold
- Silver
- Copper
ICE
CME
54.88
54.71
46.02
43.90
COMEX
COMEX
CME
1182.30
1170.10
16.70
16.13
2.77
2.65
Oil & Gold Focus
Rolling Five Day Gold & Oil Prices
Gold Price (LHS)
Bullish/Bearish Indicator†
Oil Price (RHS)
1199
61.0
24.50
59.0
23.50
1184.6
57.0
1171
54.87
Oil Price (USD)
Gold Price (USD)
1185
22.50
21.59
21.50
1157
55.0
1143
53.0
20.50
1129
51.0
19.50
1115
49.0
17 Mar
18 Mar
Contact Us:
19 Mar
20 Mar
23 Mar
18.50
17 Mar
18 Mar
19 Mar
20 Mar
23 Mar
† Ratio of spot gold price (proxy for financial markets) to spot oil price (proxy for real economy), with a
high ratio indicating that financial markets are bearish and vice-versa
[email protected]
This commentary is for information only, and the comments and forecasts are intended to be of a general nature, and are current at the date of issue. This document is not intended as
an offer, solicitation, or recommendation to buy or sell financial instruments or for any individual investment.
Source: MCB Treasury, Reuters, Bloomberg.com, FT.com, GBOT, CME, and Bank of Mauritius
rd
*Previous trading prices
23 March 2015