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	1.1000-1.1800	1.3100-1.3800	140.00-160.00	0.7800-0.8600
Sentiment against USD	Negative	Positive	Positive	Negative	Negative
Forecast for the day	85.75-86.25	1.1560-1.1650	1.3575-1.3650	144.40-145.90	0.8025-0.8140

Spot rupee closed at 86.08/09 to a dollar level after opening at 86.01/02 level. The rupee appreciated to a high of 85.80 level in early trades, but steadily slipped as importers hedged their payables. Equity market benchmarks ended about 0.8 higher today.
DXY is trading lower at 98.10 level. Dollar index has inched up slightly in today’s trading in the absence of major data releases from Eurozone. USD is slightly firm today after Fed officials are pushing back on July rate cut call by Doves. However, the probability of a September rate cut is gaining momentum.
Market attention now turns to tariff negotiations. EU-US trade tensions still remain unresolved. EU–US trade tensions remain unresolved. European Commission Executive Vice-President Stephane Sejourne warned that Europe would need to “retaliate and rebalance” if the US insists on an asymmetrical deal similar to its pact with the UK. Though talks have reportedly accelerated, time is tight, and the risk of escalation still looms large over market
Important data releases scheduled today: US: Fed Powell Testimony continues; New Home Sales;

Rupee opened tad lower at 86.01 levels against previous close of 85.98 levels. Equity market benchmarks are trading about 0.3 higher in early trades.

DXY is trading lower at 97.91 level today. Dollar index fell to a four-week low after Trump announced Israel-Iran ceasefire. Fed Chairman Powell in his testimony reiterated the Fed’s stand that that there is no rush to lower interest rates. Other speakers, Kansas City Fed President Jeff Schmit, Fed Governor Michael Barr, NY Fed President John Williams and Minneapolis Fed President Neel Kashkari backed cautious stance.

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