Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	92.50-95.25	1.1250-1.2100	1.2800-1.3700	150.00-162.50	0.7400-0.8300
Sentiment against USD	Negative	Negative	Negative	Positive	Positive
Forecast for the day	92.95-93.95	1.1470-1.1570	1.3170-1.3250	158.95-159.80	0.7960-0.8000

Spot rupee ended at 93.10/11 to a dollar after opening the day at 93.53/54. The rupee rose to an intraday high of 92.82, before importers’ dollar buying. Forward premia soared during the day rising more than 1 as importers booked in the forwards. The rupee witnessed the best single day gain in the past twelve years after the RBI announced restrictions on NDF and Speculative trading. However, Crude oil prices are up more than 7 on the day after President Trump’s speech. Equity market benchmarks ended about 0.2 higher recovering from more than 2 losses in early trades.
DXY is trading sharply higher at 100.12 level. The dollar index rose above 100 on Thursday, snapping a two-day decline, after President Trump offered no clarity on when the Iran war might end, injecting further uncertainty into global markets. This marks a reversal from his earlier comments that Iran had sought a ceasefire, which was denied by Teheran. The war has also triggered a sharp rise in oil prices, raising concerns over a spike in inflation. This has led investors to scale back expectations for Federal Reserve rate cuts this year, further supporting the dollar.
The ECB confirmed in its economic bulletin on Thursday that inflation is expected to grow to 3.1 in the second quarter due to the energy shock caused by the conflict in the Middle East. Current projections see inflation falling back to 2.8 in the third quarter, "following declines in energy commodity prices as embedded in futures prices." The ECB warned of downside risks to the growth outlook due to the Iran war, and could push inflation up more than expected.
Important data releases scheduled today: US: Challenger Job Cuts y/y; US: Weekly Jobless claims; Trade balance;

The Indian rupee rose sharply this morning, gaining around 2 percent to trade at 93.16 levels in early sessions. This came after RBI’s stepped-up intervention aimed to reduce arbitrage flows that had been pressuring the rupee, as the central bank continued to manage concerns over India's current account amid weakness on the capital account.

DXY is trading higher at 99.94 level today. USD once again regained after US President Donald Trump in his address indicated that the war might extend further dashing hopes of an early exit. Crude prices and US bond yields surged higher.

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.