Daily Digest Market Movers: Indian Rupee rebounds, potential upside seems limited
- The HSBC India Services Purchasing Managers Index (PMI) declined to a 10-month low of 57.7 in September from 60.9 in August, below the market consensus of 58.9.
- "The headline business activity index fell below 60 for the first time in 2024, but we note that at 57.7, it was still much above the long-term average," noted Pranjul Bhandari, chief India economist at HSBC.
- The US Nonfarm Payrolls (NFP) climbed by 254,000 in September from August's revised 159,000 and above the market consensus of 140,000, the Bureau of Labor Statistics showed Friday.
- The Unemployment Rate ticks lower to 4.1% in September, down from 4.2% in August. The Average Hourly Earnings rose to 3.8% from 3.6% during the same period.
- Chicago Fed President Austan Goolsbee said on Friday that he thinks the recent employment data was "superb" and noted that additional reports like this would increase his confidence that the US economy has reached full employment with low inflation.
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