Daily Digest Market Movers: Indian Rupee holds steady ahead of Indian CPI report
- Amit Somani, senior fixed income fund manager at Tata Asset Management, noted the balance of risks on the Indian Rupee remains on the downside, adding that he expects the currency to move in the 83.80-84.20 range for the week.
- "The Reserve Bank of India (RBI) has been very watchful of the Rupee's movement and has intervened in the spot market to ensure it stays near 84”, said Jigar Trivedi, senior analyst at Reliance Securities.
- The Indian CPI is expected to show an increase of 3.65% YoY in July, compared to 5.08% in the previous reading.
- The Israeli intelligence community believed Iran has decided to attack Israel directly and may do so within days, Axios reporter Barak Ravid said on Sunday, citing two sources.
- Fed Governor Michelle Bowman said on Sunday that she sees the progress in lowering inflation in the previous months, but inflation is still uncomfortably above the Fed's 2% target, highlighting the Fed may not be ready to cut rates at its upcoming meeting in September, per Reuters.
- The CME FedWatch Tool showed the possibility of a 50 basis points (bps) interest rate cut by the Fed at the September meeting at 52.5%, down from 57.5% a day ago
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