Daily Digest Market Movers: Indian Rupee rebounds, potential upside seems limited
- Indian HSBC Services PMI declined to 60.3 in July from 60.5 in the previous reading, weaker than the 61.6 estimated.
- The US ISM Service Purchasing Managers Index (PMI) rose to 51.4 in July from 48.8 in June. This figure came in better than the estimation of 51.0.
- The US S&P Global Composite PMI was worse than expected, declining to 54.3 in July versus 55 prior.
- Chicago Fed President Austan Goolsbee said on Monday that the US central bank would respond if economic or financial conditions deteriorate.
- San Francisco Fed President Mary Daly stated that the central bank will monitor if the next job market report reflects the same dynamic or reverses, adding that the Fed is prepared to act as they get more information.
- Financial markets are now pricing in nearly 85% possibility that the Fed will cut the rate by 50 basis points (bps) in September, up from only 11.5% last week, according to the CME FedWatch Tool.
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