Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	85.50-88.50	1.1000-1.1900	1.3200-1.3900	138.00-160.00	0.7800-0.8600
Sentiment against USD	Negative	Positive	Positive	Neutral	Neutral
Forecast for the day	87.05-87.45	1.1600-1.1700	1.3460-1.3550	147.35-148.35	0.8050-.0.8095

Spot rupee closed at 86.95/96 to a dollar level after opening at 87.25/26 levels. The rupee opened stronger on positive global developments and upbeat mood following ahead of GST rationalization and more reforms. Equity market benchmarks extended their gains and closed in the positive for the fifth consecutive day with 0.4 gains.
DXY is trading slightly lower at 98. 05 level. While geopolitics is taking the centre stage in the minds of the investors, traders are also looking forward to the Jackson Hole Symposium when markets will get a cue about the possible monetary policy path ahead.
Meanwhile, after the Trump-Zelensky-European leaders meeting at White House last night, President Trump is in touch with President Putin to set up a one on one meeting between the two. Markets are cautiously optimistic about a positive outcome.
Important data releases scheduled today: US: Housing starts; Building Permits

Rupee opened 10 paisa higher this morning at 87.25 levels, as peace talks gathering momentum after President Trump’s meeting with Zelensky and other European leaders has gathered momentum. Equity market benchmarks are trading flat in early trades.

DXY is trading slightly firmer at 98.22 level as trading was lackluster while investors await the outcome of Trump-Zelensky meet.

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