Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	86.50-89.00	1.1400-1.1900	1.3200-1.3900	142.00-158.00	0.7800-0.8300
Sentiment against USD	Positive	Negative	Negative	Positive	Positive
Forecast for the day	87.85-88.30	1.1750-1.1850	1.3565-1.3680	146.50-147.50	0.7870-0.7925

Spot rupee ended at 88.13/14 to a dollar level after opening at 87.97/98. The rupee failed to hold on to yesterday’s gains and ended weaker as importer’s demand for dollars undermined the local unit. Equity market benchmarks ended about 0.4 higher today.
DXY is trading at 96.94 level. Dollar index is trading weak after the Fed rate decision yesterday. After cutting the Fed funds target rate by 25 bps, market expects another 50 bps through this year, as the Fed’s focus turns to the labour market weakness.
Meanwhile, the BoE MPC is meeting today to decide on the future of monetary policy. The BOE is expected to hold its benchmark rate at 4 as it navigates slow growth alongside still elevated inflation.
Important data releases scheduled today: US: Weekly unemployment claims; Phil Fed MFg. index; CB: Leading indicators;

Rupee opened lower this morning at 87.98 levels, after appreciating yesterday ahead of the Fed meeting and hopes brightened after US restarted its trade talks with Indian officials. Equity market benchmarks are trading about 0.25 higher today.

DXY is trading at 97.01 level. The cut interest rates by 25 bps to 4.00-4.25, in line with market expectations. The decision as unanimous with newly confirmed temporary Governor Stephen Miran favoring a larger 50 bps cut.

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