Daily Digest Market Movers: Indian Rupee recovers amid RBI intervention possibility
- RBI was likely selling Dollars via state-run banks on Tuesday to curb the INR’s losses spurred by a selloff in Asian equities and currencies, four traders told Reuters.
- Indian economy's growth momentum is expected to decelerate in 2024 to 6.5% against the 6.7% growth recorded in the previous year, according to the United Nations Trade and Development (UNCTAD).
- Fed Cleveland President Loretta Mester said that inflation is higher than expected, and the US Fed needs more confidence in its trajectory.
- Fed Governor Michelle Bowman noted that inflation progress slows and possibly halts, adding that monetary policy is currently restrictive and that time will tell if it is "sufficiently" restrictive.
- Fed Chair Jerome Powell said that he will wait longer than previously expected to cut rates after unexpectedly upside inflation data. Powell added that the Fed will likely take more time to gain confidence that price growth is headed toward the Fed’s 2% target before lowering borrowing costs.
- Fed funds futures have priced in a 71% odds that the first rate cut could come in September, according to the CME FedWatch Tool.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.