Daily Digest Market Movers: Indian Rupee seems vulnerable ahead of US NFP data
- The HSBC India Services Purchasing Managers Index (PMI) improved to 60.9 in August from 60.3 in July, above the market consensus of 60.4. This figure registered the highest since March.
- “The Indian rupee was again stopped near 83.9750, its lowest closing, possibly by RBI as it sold dollars to ensure it remains a touch away from the psychological level of 84.00. Risk-off sentiments ensured that markets kept buying dollars and RBI supplying them,” said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
- Job Openings and Labor Turnover Survey showed that available positions fell to 7.67 million in July, compared with 7.91 million openings (revised from 8.1 million) seen in June, the Labor Department reported on Wednesday. This figure came in below the market consensus of 8.1 million.
- Atlanta Fed President Raphael Bostic stated on Wednesday that he is ready to start cutting interest rates even though inflation is still running above the US central bank’s target.
- The markets are now pricing in nearly 57% chance of a 25 basis points (bps) rate cut by the Fed in September, while the odds of a 50 bps reduction stands at 43%, according to the CME FedWatch tool.
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