Daily Digest Market Movers: Indian Rupee rebounds, but potential upside seems limited
- The Reserve Bank of India (RBI) released the minutes of the Monetary Policy Committee (MPC) meeting on Thursday, highlighting that the policy must continue to be actively disinflationary to ensure anchoring of inflation to its target level.
- The Indian central bank noted that headline inflation has seen upward movement in June to 5.1% as food inflation pressures increased and offset the impact of subdued core inflation and deflation in the fuel group.
- The preliminary HSBC India Manufacturing Purchasing Managers Index (PMI) declined to 57.9 in August from 58.1 in July. Services PMI rose to 60.4 in August from the previous reading of 60.3.
- The US S&P Global Composite PMI fell slightly to 54.1 in August's flash estimate from 54.3 in July, better than the expectation of 53.5. Meanwhile, Manufacturing PMI dropped to 48 in the same period from 49.6. Services PMI rose to 55.2 in August versus 55 prior.
- Federal Reserve Bank of Boston President Susan Collins stated that it will soon be appropriate to begin cutting rates, adding that incoming data will guide the pace of rate cuts.
- Kansas City Fed President Jeff Schmid noted Thursday that he was looking more closely at the dynamics behind the increase in the unemployment rate and would let data guide his decision on whether to support a rate reduction next month.
- Investors are now pricing in around 76% odds of a 25 basis points (bps) Fed rate cut in its September meeting, according to the CME FedWatch Tool.
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