Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	84.20-87.00	1.0500-1.1700	1.2800-1.3700	135.00-155.00	0.7900-0.8500
Sentiment against USD	Positive	Negative	Negative	Positive	Positive
Forecast for the day	84.30-84.95	1.1285-1.1370	1.3285-1.3370	142.70-143.80	0.8230-0.8280

Spot rupee closed at 84.82/83 to a dollar level after opening at 84.63/64 level. The rupee came under pressure after Indian defence forces conducted targeted strikes at terror hide outs within Pakistan and PoK overnight. The local unit initially opened at 84.63 and appreciated in early deals towards 84.47. However, importers, fearing tensions to continue, hedged their imports. The local unit hit an intra-day low of 84.94 level in afternoon deals. Equity market benchmarks has ended about 0.1 higher.
DXY is trading steady at 99.42 level today. Forex markets were trading mostly steady ahead of the Fed meeting ending tonight. The Fed is expected to leave rates unchanged, but markets will be looking forward to the Post Meeting Press Conference from Fed Chair Powell.
EURUSD is trading at 1.1355 level amid mixed data releases. German factory orders increased by 3.6 m/m in March 2025, well above market f/c of 1.3. Construction PMI from EZ rose to 46 in April from 44.8 in March, indicating a continued contraction in construction activity, due to rise in input costs. German Construction PMI remained in contraction zone while Italy Const. PMI showed stagnation. Trade deficit for France narrowed to €6.2 billion in March 2025 from €7.7 billion in February and compared to market expectations of €6.9 billion marking the smallest trade gap in three periods. Payroll employment in France's private sector was stable in the first quarter of 2025, rising by 9.4 thousand to 21.05 million, following a 0.3 drop in the previous three-month period. Eurozone retail sales slipped by -0.1 m/m in March, in line with expectations.
Important data releases scheduled today: US: FOMC rate decision.

The rupee plunged by 20 paisa in the opening session today, following overnight surgical strikes on militant hideouts and terror camps in Pakistan. It could trade choppily today as markets await further developments. Equity market benchmarks are trading flat with a negative undertone.

DXY is trading slightly lower at 99.5 level today. Risk sentiment has improved on reports that US Trade Representative Bessant and Trade Representative Greer are to meet with Chinese Lead Representative on economic matters later this week in Switzerland.

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