Daily Digest Market Movers: Indian Rupee flat lines despite stronger US Dollar
- Indian Consumer Price Index (CPI) rose to the highest in four months at 5.08% YoY in June on the back of higher food prices, according to official data released on Friday. This figure was above the market consensus and the previous reading of 4.80%.
- India’s Industrial Production increased 5.9% YoY in May as against 5.0% in April, beating the estimation of 4.9%.
- The US Producer Price Index (PPI) rose to 2.6% YoY in June from a revised up in the previous reading of 2.4%, above the consensus of 2.3%. The core PPI climbed 3.0% YoY, surpassing the expected 2.5%. On a monthly basis, the PPI rose 0.2% MoM in June, above the market consensus of 0.1%.
- The University of Michigan's Consumer Sentiment Index survey dropped to 66.0 in July from 68.2 in June, the lowest in seven months, falling short of the expected increase to 68.5. The UoM 5-year Consumer Inflation Expectations declined slightly in July to 2.9% from the previous reading of 3.0%.
- Financial markets are now pricing in above 90% odds for a 25 basis points (bps) cut in September, according to the CME Fedwatch Tool
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