Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	88.50-92.00	1.1250-1.2100	1.2800-1.3700	142.00-159.00	0.7600-0.83000.7600-
Sentiment against USD	Positive	Neutral	Neutral	Neutral	Neutral
Forecast for the day	90.80-91.15	1.1750-1.1850	1.3450-1.3550	155.00-155.90	0.7700-0.7750

Spot rupee ended weaker at 90.98/99 to a dollar level after opening at 90.95/96 level. Equity market benchmarks ended about 1.25 lower.
Markets are looking forward to the GDP growth data today. The new GDP series due today is likely to peg India GDP growth rate at 7.6 in FY26 versus the first advance estimate of 7.4. The government will shift the GDP base year to 2022-23 from 2011-12 and publish advance estimates for the financial year ending 31 March 2026. The updated projections may peg India's GDP growth rate at 7.6 in FY26, according to the median estimate of 14 economists surveyed by Bloomberg. That compares with the government’s first advance GDP estimate of 7.4 in January under the previous series.
DXY is trading mostly steady around 90.70 level as traders await the release of US PPI data later tonight. Meanwhile, data from Germany showed import prices rose 1.1 m/m higher than market forecasts for 0.6 growth. France reported February Preliminary CPI at 0.7 m/m rise versus 0.5 m/m forecast against -0.3 m/m decline in January. Preliminary GDP for Q4-2025 was up 0.2 in line with forecasts and at the same rate of growth in the previous quarter.
Important data releases scheduled today: US: PPI m/m; Core PPI m/m; Chicago PMI; US: COnst. Spend

Spot rupee opens at 90.95 levels versus 90.92 previous close. Equity market benchmarks are trading about 0.3 lower today tracking the fall in US markets.

DXY is trading steady at 97.73 level. Data from US overnight showed initial jobless claims rose 4k to 212k in the week ending February 21, slightly above expectation of 211k. However, continuing claims fell -31k to 1,833k in the week ending February 14 while four-week moving average of continuing claims rose 3.5k to 1,848k.

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