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 | Negative | Positive | Positive | Negative | Negative |
Forecast for the day | 87.50-88.10 | 1.1625-1.1715 | 1.3375-1.3475 | 150.25-151.25 | 0.7925-0.7965 |
Indian rupee surged sharply in early trading, rising to its strongest level in over a month at 87.78 per US dollar. This ongoing appreciation is mainly driven by a confluence of supportive factors, including expectations of upcoming Fed’s rate cuts along with positive trade talks between US & India. Going ahead, pair is expected fluctuate within the range of 87.55–88.05 levels, while domestic equity benchmarks traded about 0.4 higher, reflecting improved risk sentiment and strengthened investor appetite across both equity and currency markets.
DXY is trading lower at 98.52 level. There appears to be no end to the US government shut down as it enters the 15th day. This could shave a few basis points of the GDP growth and increase labour market stress. In addition, investors assessed recent trade developments and comments from Federal Chair Powell that reinforced expectations of continued interest rate cuts. Treasury Secretary Scott Bessant proposed a longer pause on high US tariffs on Chinese goods in exchange for Beijing delaying its planned restrictions on rare earth exports, offering some relief to investors after recent tensions