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	Neutral	Positive	Positive	Neutral	Neutral
Forecast for the day	87.30-87.65	1.1690-1.1735	1.3540-1.3590	145.00-147.00	0.8040-0.8080

Spot rupee closed at 87.55/56 to a dollar level after opening at 87.47/48 levels. The initial gains towards 87.39 level did not sustain and the local unit fell to an intraday low of 87.6875. However, news of S&P Global ratings upgrading India’s Sovereign credit ratings to BBB from BBB- with stable outlook supported the rupee. Markets are however cautious ahead of the President Trump-President Putin meet in Alaska tomorrow. Meanwhile, data released today showed India’s WPI based inflation declined to a 25-month low of -0.58 percent in July as compared with -0.13 percent in June marking the second straight month of wholesale inflation. Equity market benchmarks ended mostly flat today.
DXY is trading at 97.87 level. DXY is trading slightly firmer today as the EURUSD inched lower in the absence of major market news from Europe. In France, annual inflation rate stood at 1 in July 2025, unchanged from June and in line with preliminary estimates. On a monthly basis, consumer prices rose 0.2 in July, following a 0.4 gain in June, also consistent with preliminary data. Meanwhile, the annual harmonized inflation rate stood at 0.9, unchanged from June, while monthly HICP rose 0.3, slightly easing from 0.4 in June—both confirming flash estimates.
GBPUSD rose sharply after data showed UK GDP expanded 0.3 q/q in Q2, beating expectations of a 0.1 gain, though slowing sharply from Q1’s robust 0.7 pace. In output terms, growth was supported by a 0.4 q/q rise in services and a solid 1.2 q/q gain in construction, while the production sector contracted by -0.3 q/q. Real GDP per head grew 0.2 q/q over the quarter, underlining modest but broad-based expansion despite headwinds.
Important data releases scheduled today: US: PPI m/m; Core PPI m/m; Weekly Jobless claims;

Rupee opened tad lower at 87.47 levels, despite of dollar trading weaker across the board as expectations of rate cuts are building up. Equity market benchmarks are trading about 0.1 higher.

DXY is trading lower at 97.76 level today. Dollar index slid below 98 yesterdays after US inflation data bolstered expectations for a Fed rate cut next month. In addition, Treasury Secretary Bessant commented that the Fed should go for 4-5 rate cuts.

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