Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	94.25-97.50	1.1250-1.2100	1.2800-1.3800	150.00-162.50	0.7400-0.8300
Sentiment against USD	Positive	Neutral	Neutral	Positive	Positive
Forecast for the day	95.35-96.00	1.1585-1.1685	1.3400-1.3500	158.75-159.70	0.7835-0.7870

Spot rupee ended at 95.69/70 to a dollar compared to 95.75/76 opening level. Initial losses in the rupee were contained at 95.80 levels, suspected to be dollar selling by RBI. Markets will also be closely watching the results of the RBI’s swap auction. Equity market benchmarks ended flat.

FINANCIAL MARKETS ARE CLOSED TOMORROW FOR BAKRID.

DXY is trading steady at 99.10 level Crude oil prices declined on Wednesday after the US Central Command denied reports that its Project Freedom had restarted, while the Iranian Islamic Revolutionary Guard Corps Navy said 25 vessels had passed through the Strait of Hormuz in the past 24 hours. Meanwhile, traders kept an eye on the ongoing peace negotiations between Washington and Tehran, as US President Donald Trump reportedly spoke by phone with Israeli Prime Minister Benjamin Netanyahu to discuss the latest developments.

West Texas Intermediate (WTI) for deliveries in July dropped 4.3to go for $89.85 per barrel. Meanwhile, Brent for the same month's settlements dipped 3.5 and went for $96.10 per barrel.

Important data releases scheduled today: US: ADP Weekly Employment change; Richmond Fed Mfg. index;

The rupee has opened modestly weaker at 95.78 levels, as uncertainty still prevails over the US-Iran deal. Equity market benchmarks are trading flat in early trades.

DXY is trading softer at 99.05 level today. Data release showed US Conference Board Consumer Confidence index edged down from 93.8 to 93.1, slightly above expectations of 91.6. Data showed pressure on households due to elevated energy costs.

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