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	1.1200-1.2000	1.3200-1.4000	140.00-160.00	0.7800-0.8600
Sentiment against USD	Positive	Negative	Negative	Positive	Positive
Forecast for the day	85.65-86.10	1.1650-1.1740	1.3525-1.3635	146.50-147.75	0.7960-0.7995

Rupee ended day on positive note at 85.68 levels against opening of 85.85 levels. Traders are keeping a close eye on news regarding the US-India trade deal, which may be signed any time soon. Equity market benchmarks ended about 0.25 lower.
DXY is trading at 97.56 level. USD is trading firm across the board today as investors digest the escalating trade war. While on one side, the tariffs may disrupt global supply chains and demand, the tariff may do well on restoring production and increase revenue for the treasury. Treasury Secretary Scott Bessent said Tuesday that the US has already collected USD 100B in tariff revenue this year and is on track for USD 300B by end-2025. This projection is not only inflationary but also a source of budget support. On the trade front, President Donald Trump on Tuesday proposed a 50 tariff on copper imports, adding to a list of escalating sectoral duties. Commerce Secretary Howard Lutnick said the administration is aiming to bring copper production back home, similar to earlier moves on steel and aluminum.
Markets will now turn to the June FOMC minutes for clarity to the question on whether the Fed will hold rates steady this month.
Important data releases scheduled today: US: Final Wholesale inventories m/m; FOMC Meeting minutes.

Rupee continues to trade under pressure, as US President Donald Trump plans to double down on his tariff threats, including a 10 percent tariff on BRICS countries to which India is also founding member of BRICS.

DXY is trading higher at 97.68 level today. USD is trading firmer as traders await trade tariff announcements from President Trump. Trump has announced that the tariffs will be applied from August 1. In a more aggressive move, President Trump threatened with 200 tariff on Pharmaceutical products, though it may start from 12 to 18 months later for companies to adjust.

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