Daily Digest Market Movers: Indian Rupee remains strong due to the robust Indian economy
- Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister (EAC-PM), said that India's economic growth performance is 'good' and that efforts are needed to maintain it since worries about global factors remain unresolved.
- India's CPI inflation is expected to show an increase of 4.91% in March, according to a Reuters poll. The figure remains above the Reserve Bank of India's (RBI) 4% medium-term target as persistent food price increases.
- The US Producer Price Index (PPI) data for March rose by 2.1% YoY, missing the estimation of 2.2%. The core PPI, excluding volatile food and energy prices, climbed by 2.4% YoY, compared to the market consensus of 2.3%.
- The recent US CPI inflation data and Nonfarm Payrolls (NFP) triggered the speculation that the Fed will have to push back the number and timing of interest rate cuts this year.
- Investors are now pricing in only two rate cuts this year, which will most likely begin in September, according to CME FedWatch Tool.
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