Daily Digest Market Movers: Indian Rupee remains on the defensive amid global factors
- The HSBC India Manufacturing Purchasing Managers Index (PMI) eased to a three-month low at 57.5 in August. This figure came in weaker than the expectations and the previous reading of 57.9.
- “New orders and output also mirrored the headline trend, with some panellists citing fierce competition as a reason for slowdown," noted Pranjul Bhandari, chief India economist at HSBC.”
- HSBC India Services PMI is estimated to improve to 60.4 in August from 60.3 in July.
- The US ISM Manufacturing PMI for August is projected to rise to 47.5 in August versus 46.8 prior, while the Services PMI is forecasted to ease to 51.1 in August from 51.4 in July.
- The market currently expects the Fed to cut interest rates by 25 basis points (bps) in September, pricing in odds of nearly 69%, according to the CME FedWatch tool.
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