Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	93.50-96.00	1.1250-1.2100	1.2800-1.3700	156.75-164.00	0.7400-0.8300
Sentiment against USD	Neutral	Negative	Negative	Positive	Neutral
Forecast for the day	94.85-95.30	1.1380-1.1450	1.3310-1.3380	162.15-162.55	0.8010-0.8095

Spot rupee ended at 95.56/57 to a dollar level after opening at 95.17/18 level. The rupee fells sharply tracking global crude oil prices which surged more than 5 after President Trump tweeted that the MoU with Iran is over. Concerns rose once again of supply disruptions as against expectations of supply glut yesterday. Equity market benchmarks ended about 2.0 lower today.

DXY is trading firmer at 101.10 level as escalating tensions in the Middle East fueled concerns over further supply disruptions. President Trump said that as far as he is concerned, the ceasefire is over while the US launched strikes on Iran and revoked a waiver that had allowed the country to sell crude. The actions followed a series of recent attacks on vessels transiting the Strait of Hormuz, including a Qatari LNG carrier and a Saudi oil tanker. Tehran also said it had targeted 85 US military sites in Bahrain and Kuwait in response to what it described as US violations of the ceasefire.

Spot rupee opens at 95.17/18 level today against previous close at 94.96/97 level. The rupee opened sharply weaker on renewed escalation of Middle East tensions. Crude oil prices climbed about 2.5 higher on worries about oil supplies. Equity market benchmarks are trading about 0.5 lower today.

DXY traded higher at 101.10 level on renewed tensions in the Middle East. Markets will look forward to tonight’s FOMC meeting minutes.

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