Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	90.00-93.50	1.1250-1.2100	1.2800-1.3700	150.00-162.50	0.7400-0.8300
Sentiment against USD	Positive	Negative	Negative	Positive	Positive
Forecast for the day	92.85-93.50	1.1495-1.1590	1.3325-1.3455	157.65-158.85	0.7880-0.7920

Spot rupee ended at 93.71/72 to a dollar level-an all-time closing low after opening at 92.89/90 level. The rupee fell sharply to an all-time low of 93.5025 to a dollar level on escalating Middle east tensions. Brent crude prices reached $118/bbl. level and pulled back on hopes of de-escalation. Equity markets are trading volatile. Benchmark indexes ended about 0.5 higher today.
DXY is trading steady at 99.40 level. Risk sentiment is still worse in the market, but the USD is losing some safe haven appeal now. There was a brief moment of relief after US President told Israel not to attack Iran’s energy infrastructure, rising hopes of de-escalation. However, the new wave of attacks by Israel has again worsened the sentiment for now.
Data releases are not drawing market attention for now. German Producer prices declined 3.3 y/y in February, lower than the 0.5 decline expected, due to lower energy prices. However, since the war began, energy prices have skyrocketed. EURUSD is trading higher at 1.1541 level.
GBPUSD and USDJPY are quoted at 1.3375 and 158.88 level.
Important data releases scheduled today: No major data releases from the US tonight.

Spot rupee opens at 92.89 levels against previous close of 92.64 levels. Crude oil prices pulled back overnight after President Trump hinted that the war would end soon and the US would escort ships along Hormuz. PM Netanyahu stated that they would not target oil resources. Equity market benchmarks are trading about 0.5 higher in early trades.

USD index pulled back slightly to 99.41 levels yesterday. Central Bank meetings in the last two days including the Fed, BOJ, SNB, BOE and ECB are now behind with no changes in their respective interest rates.

Meanwhile, JPY surged higher as the strongest performer, supported by hawkish comments of BOJ Governor Ueda’s post meeting remarks. After the BOJ held rates at 0.75, Ueda signalled that rate hikes remain on the table even if growth weakens, as long as underlying inflation stays intact. This marks a notable shift, suggesting policy will not be constrained by temporary economic softness. Markets now expect BOJ to hike rates in April.

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