Daily Digest Market Movers: Indian Rupee remains vulnerable amid global headwinds
- The outlook for India’s stock market performance in the coming decade is bright, buoyed by optimism about the country’s economic prospects after last month’s general election results, according to analysts citing WSJ.
- India’s statistics ministry last week raised its GDP growth forecast to 7.6% in its second revised estimate, up from 7.3% in the first advance forecast.
- The Fed officials emphasized the data-dependent approach and refrained from committing to interest rate cuts until further observation. Several policymakers stated that it’s necessary to hike again if inflation were to rebound, according to the Minutes of the FOMC meeting on June 11-12.
- Traders are now pricing in nearly 70% odds for a 25 basis points (bps) Fed rate cut in September, up from 58.2% last Friday, according to the CME FedWatch Tool.
- The US Nonfarm Payrolls is expected to show 190K jobs added in June, below the previous reading of 272K. The Unemployment Rate is projected to remain unchanged at 4%. Finally, the Average Hourly Earnings are forecast to drop to 3.9% YoY in June from 4.1% in May
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