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	Neutral	Negative	Negative	Positive	Neutral
Forecast for the day	92.30-92.70	1.1640-1.1740	1.3350-1.3450	158.70-159.60	0.7885-0.7925

Spot rupee ended at 92.73/74 to a dollar after opening the day at 92.56/57 level. After opening firmer at 92.56 level, the rupee failed to hold on to its earlier gains and remained capped at 92.4050 level as dollar selling abated – as most banks have squared up their arbitrage positions. Equity market benchmarks ended about 1.2 higher today.
DXY is trading slightly lower at 98.95 level. Dollar is trading steady today awaiting the US Consumer Price inflation data to be released tonight. Markets are expecting a rise in inflation pressures to re emerge in the wake of the rising crude oil prices.
Data from Germany confirmed CPI at 2.7 y/y and 1.1 m/m rise in March unchanged from preliminary figures. EURUSD is once again above 1.17 level.
Important data releases scheduled today: US: CPI m/m, Core CPI m/m; Prelim UoM Consumer Sentiment; Inflation Expectations; Factory Orders m/m

The rupee opened 10 paisa higher this morning at 92.57, though underlying pressures may keep the local unit in check. Meanwhile, equity market benchmarks are trading around 0.6 higher today.

DXY is trading steady at 98.94 level today amid increasing oil prices. Crude oil prices surged more than 8 as the fragile Ceasefire appears to be cracking as Israel attacked Lebanon and Iran countered by shutting down the Strait of Hormuz.

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