- “We expect the rupee to trade with a slight positive bias on risk in global risk sentiments amid dovish Fed speak and rising expectations of a rate cut by the Fed in September. However, geopolitical tensions in the Middle East and rising crude oil prices may cap the sharp upside,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
- India's economic growth likely expanded at its slowest pace in a year in the April-June quarter due to lower government spending, according to a Reuters poll.
- San Francisco Fed President Mary Daly said on Monday that "the time is upon us" to cut interest rates, likely starting with a quarter-percentage point reduction in borrowing costs, per Reuters.
- Richmond Fed President Thomas Barkin stated on Monday that he will take a 'test and learn' approach to rate cuts.
- The US Durable Goods Orders increased $26.1 billion, or 9.9%, to $289.6 billion in July, from a -6.9% contraction in June. This figure was above the market consensus of a 4% increase and marked the most significant gain since May 2020.
- Futures are currently pricing in a near 40% odds of a half-percentage point cut in interest rates.
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