Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	84.80-87.50	1.1200-1.2000	1.3200-1.4000	140.00-160.00	0.7800-0.8600
Sentiment against USD	Positive	Negative	Negative	Positive	Neutral
Forecast for the day	85.45-85.80	1.1740-1.1835	1.3565-1.3660	143.30-144.45	0.7885-0.7945

Spot rupee closed at 85.31/32 to a dollar level after opening at 85.65/66 level. The rupee rose sharply today as custodian banks, who trade on behalf of Foreign investors sold dollars. The rupee rose to 85.18 level before reversing some gains. Equity market benchmarks ended about 0.2 lower today.
DXY is trading lower at 96.78 level today. FX markets are largely stable ahead of the NFP report due later today. The Non-Farm Payrolls is expected to rise 110K. A lower number will assume importance at this stage when Fed rate cuts are being debated.
Meanwhile, EURUSD is trading around 1.18 level. Meanwhile, EZ PMI Services was finalized at 50.5 in June, up from 49.7 in May. Composite PMI ticked up to 50.6 from 50.2. Performance remained uneven across major economies. Germany hit a three-month high at 50.4, while France fell to 49.2. Ireland, despite slowing to a five-month low, remained the strongest performer at 52.8. Spain (52.1) saw a slight pickup, while Italy’s reading slipped to 51.1. Input and Output prices firmed up.
GBPUSD traded steady around 1.3665 level. UK PMI Services was finalized at 52.8 in June, up from May’s 50.9, marking the fastest pace of expansion since August 2024. Consumer and business spending showed signs of a turnaround after a sluggish spring. Exporter orders and Employment index witnessed dip. Input prices witnessed a dip, helping to ease pressure on output prices. This could help the BoE ease monetary policy.
Important data releases scheduled today: US: NFP change; Unempl rate; Weekly Unempl claims; Trade balance; Factory orders; Average Hourly earnings;

Rupee opened tad higher at 85.65 against yesterday’s closing of 85.71 levels. Equity market benchmarks are trading about 0.2 higher today.

DXY is trading firmer at 96.79 level today. Data released from the US overnight showed US ADP private sector employment unexpectedly declined by -33K in June, far below expectations for a 105K gain. The decline was seen across all sectors.

click here to view Evening Report

Terms of Use

Disclaimer

The information and material contained in these pages and the terms, conditions, and descriptions that appear are subject to change without prior notice.

The information contained in this website, including text, graphics, links or other items are provided on an 'as is', 'as available' basis. Mecklai Financial Services Pvt. Ltd. (MECKLAI) does not warrant the accuracy, adequacy or completeness of this information and material and expressly disclaims liability for errors or omissions in this information and material. No warranty of any kind, implied, express or statutory, including but not limited to the warranties of non-infringement of third party rights, title, merchantability, fitness for a particular purpose and freedom from computer virus, is given in conjunction with the information and materials.

In no event will MECKLAI be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this website or use thereof or inability to use by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if MECKLAI, or representatives thereof, are advised of the possibility of such damages, losses or expenses.

Hyperlinks from and to other websites are at your own risk; the content, accuracy, opinions expressed, and other links provided by these resources are not investigated, verified, monitored, or endorsed by MECKLAI.

Privacy Policy

1. We respect your privacy
2. We will not sell your data to any third party
3. We will not provide any of your data to a third party without your consent
4. The data you provided to us is for the use of Mecklai, its affiliates and partners
5. We will take all reasonable steps to ensure that any financial information you provide us in case, is stored securely
6. We ask you to respect the privacy preferences of other Mecklai Users
7. We ask you to remember that any information you choose to post publicly (comments) on this site is, of course, public
8. If you have any concern about privacy violations, please contact us

Copyright

As content on the Site is copyrighted and proprietary, any unauthorized use of any materials on the Site may violate copyright, trademark and other laws. Should a user download the materials on the Site for personal or non-commercial use, the user must retain all copyright, trademark or other similar notices contained in the original materials or on any copies of the material. Materials on the Site may not be modified, reproduced, publicly displayed, performed, distributed or used for any public or commercial purposes without explicit written permission from the appropriate content or material provider (including third-party links). MECKLAI bears no risk, responsibility or liability in the event that a user does not obtain such explicit written permission as advised by MECKLAI.