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 85.75-86.15 1.1550-1.1650 1.3340-1.3435 148.50-149.75 0.7995-0.8035

  • Spot rupee closed at 85.94.95 to a dollar level after opening at 85.98/99 level. The rupee recovered sharply in afternoon trades to an intraday high of 85.73 level from an intraday low of 86.0575 due to foreign fund inflows. However, dollar short covering by importers could reverse the rupee’s gains. Equity market benchmarks ended flat today.
  • DXY is trading steady at 98.53 level holding on to most of overnight gains ahead of the June PPI data tonight.
  • In the absence of major market moving data from Europe, inflation data from UK also had a muted effect on the GBPUSD. UK inflation came in hotter than expected in June. Headline CPI accelerated from 3.4 y/y to 3.6 y/y, above consensus of 3.4. Core CPI (excluding energy, food, alcohol, and tobacco also surprised to the upside, rising from 3.5 to 3.7, versus expectation of 3.5 y/y. Goods inflation picked up from 2.0 y/y to 2.4, its highest since October 2023. Services inflation remained stubbornly high, unchanged at 4.7 y/y. On a monthly basis, CPI rose 0.3, adding to signs that disinflationary progress may be stalling.
  • Important data releases scheduled today: ; US: PPI , Core PPI m/m; Housing Starts, Ind. Output, Cap Utilisation ; CB Leading indicators m/m; Fed Beige Book

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