Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	84.20-87.00	1.0500-1.1700	1.2800-1.3700	135.00-155.00	0.7900-0.8500
Sentiment against USD	Positive	Negative	Negative	Positive	Positive
Forecast for the day	85.30-86.45	1.1150-1.1280	1.3170-1.3270	144.85-146.35	0.8285-0.8330

Spot rupee closed at 85.37/38 to a dollar level after opening at 85.81/82 level. The rupee strengthened today as exporters hedged their receivables. It was also rumoured that RBI could have sold the US Dollar. However, the market is still on the edge due to tensions prevailing between India and Pakistan. Equity market benchmarks also ended about 1.10 lower.
DXY is trading higher at 100.38 level off its morning highs. The DXY is poised for its third consecutive weekly on improving global trade sentiment amid fading expectations of rate cut in the US. Aiding to the sentiment was President Trump’s announcement of a preliminary trade deal with the UK, the first since the President Trump took office. On the monetary policy front, Fed Chair Jerome Powell dismissed the idea of a pre emptive rate cut in response to potential economic fallout from tariffs. Powell also warned of elevated risks to both inflation and unemployment, signalling caution before adjusting policy further.
EURUSD is trading sideways around 1.1250 level, while GBPUSD is trading firmer at 1.3265 level. USDJPY is trading lower at 145.22 level.
Important data releases scheduled today: No major data releases for today.

Rupee opened weaker at 84.82 levels, amid ongoing war between Indian & Pakistan. Equity market benchmarks are trading about 0.5 lower today.

DXY is trading higher at 100.62 level today. USD rose modestly overnight after President Trump announced the US-UK trade deal. Data releases were mixed. Q1 labour productivity in the Non-farm business sector fell by 0.8 q/q exceeding f/c of a 0.7 decline. This is the first drop since Q2, 2022. On an annual basis, productivity grew by 1.4. Unit labor costs rose by 5.7 in Q1 2025, surpassing market expectations of a 5.1 increase and accelerating sharply from a downwardly revised 2.0 gain in the previous period, This marked the largest quarterly rise in labor costs since an 8.3 jump in Q1 2024, On an annual basis, unit labor costs were up 1.3 in Q1, with manufacturing unit labor costs increasing by 0.7.

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