Daily Digest Market Movers: Indian Rupee seems vulnerable as traders await the key events
- The Indian Wholesale Price Index (WPI) Inflation is expected to ease to 1.80% YoY in August from 2.04% in July.
- India's economy is estimated to grow at a rate of around 7.5% or more, according to Reserve Bank of India (RBI) Governor Shaktikanta Das. This projection surpasses the RBI's current forecast of 7.2% for the ongoing financial year.
- The US NY Empire State Manufacturing Index improved to 11.5 in September from a decline of 4.7 in August, better than the estimation of a 3.9% decrease.
- Fed fund futures show investors are increasingly betting the US Fed will cut by 50 basis points (bps) instead of 25 bps. Traders are now pricing in a nearly 67% chance of a reduction of 50 bps, up from 50% on Friday, according to the CME FedWatch Tool.
- "We had favoured a 50bp cut, but the latest job and inflation numbers suggest officials will more likely vote in favour of 25bps”, said ING Bank analysts.
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