Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	85.50-88.50	1.1000-1.1900	1.3200-1.3900	138.00-160.00	0.7800-0.8600
Sentiment against USD	Negative	Positive	Positive	Neutral	Neutral
Forecast for the day	87.30-87.65	1.1650-1.1775	1.3500-1.3415	146.50-148.50	0.8040-0.8075

Spot rupee closed at 87.35/36 to a dollar level after opening at 87.46/47 levels. Risk appetite improved today after PM Modi hinted at GST rate cuts amid hopes of a positive outcome on the Ukraine-Russia talks. The rupee rose to an intra day high of 87.32 level in afternoon trades. Equity market benchmarks ended about 0.8 higher.
DXY is trading slightly higher at 97.85 level. Markets are focused on geopolitics and later the focus will turn to Fed speakers ahead of Jackson Hole Symposium. After the Trump-Putin summit, Ukraine President Zelensky and key European leaders are in Washington, working hard to thrash out a peace deal. President Trump hinted today that there could be a big progress on this front.
With no major data releases from Europe today, EURUSD is trading around 1.1700 level, while GBPUSD is trading around 1.3350 level.
Important data releases scheduled today: US: NAHB Housing Market index.

Rupee opened higher today at 87.46 levels, however markets are closely watching the developments in respect of the Russia Ukraine war. President Zelensky is meeting President White House tonight. A positive outcome will be supporting for rupee gains. PM Modi announced on Friday that the government would reduce GST on common items and bring the slabs to just two. Following this, equity market benchmarks opened about 1 higher today.

DXY is trading lower at 97.87 level today. US Dollar stayed weak on Friday while risk appetite improved following the extension of US-China trade truce by another 90 days. At the same time, US President Donald Trump’s summit with Russian President Vladimir Putin in Alaska, while failing to yield progress on Ukraine, removed another source of immediate tension. Trump made clear he would not sanction China over its Russian oil imports “for now,” easing fears of a fresh flashpoint in US-China relations.

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