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	Negative	Negative	Negative	Positive	Positive
Forecast for the day	83.75-84.30	1.1270-1.1375	1.3265-1.3375	144.35-145.60	0.8260-0.8300

Spot rupee closed at 84.54 to a dollar level after opening at 84.12/13 level. The rupee opened stronger today and rose to a multi month high at 83.76 level on growing hopes of trade tensions subsiding. Also talk of stock market inflows also underpinned the rupee. However, the dollar selling invited the RBI to intervene in the FX markets to reverse its course. Equity market benchmarks ended flat with a positive bias.
DXY is trading at 99.65 level. US Dollar index is trading weaker off the morning highs, pressured by a stronger Euro. Eur/USD rose after the Eurozone Core CPI inflation rose above expectations. Eurozone headline CPI held steady at 2.2 y/y in April, slightly above expectations of 2.1 y/y. CPI core, which excludes energy, food, alcohol & tobacco, surged sharply from 2.4 y/y to 2.7 y/y, surpassing the forecast of 2.5. The acceleration in services inflation to 3.9 from 3.5 drove much of the upside surprise, highlighting persistent domestic price pressures. Traders now roll back an immediate ECB rate cut in June after the strong inflation numbers.
Elsewhere, EZ Mfg. PMI was finalized at 49.0, its highest reading in 32 months, Output growth was a standout, reaching a 37-month high at 51.5, reflecting a modest but encouraging improvement in activity. Country level data revealed a mixed picture, with Greece and Ireland leading the expansion while other economies registered contraction.
Otherwise, risk sentiment was better on hopes that the US-China trade tensions may be starting to thaw.
Markets are now looking forward to the US Non-farm payrolls data, which is expected to reflect the labour market weakness shown in other labour data including the ADP and rising weekly claims.
Important data releases scheduled today: US: Non farm payrolls, Unempl. Rate; Average Hourly earnings; Factory orders m/m;

Rupee opened higher at 84.06 levels, despite the US Dollar gaining in international markets. China indicated that they would be willing to talk to the US if the US rectify some tariffs. Equity market benchmarks are trading about 0.6 in early trades.

DXY is trading at 100.25 level today. A barrage of data releases from the US showed that the US economy is slowing down while cost pressures are rising.

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.