- USD exhibited broad strength last week, gaining against all the major world currencies after the release of strong economic data last week.
- US jobless claims unexpectedly fell to 232,000, down from a downwardly revised 238,000 and well below the 248,000 expectation. This was the third straight week of declines.
- US ISM manufacturing data was also stronger than expected, climbing to 52.8% in August, unchanged from July and defying expectations of a slowdown.
- US non-farm payroll data showed that 315,000 jobs were added in August, slightly above the 300,000 forecasts. Meanwhile, the unemployment rate rose to 3.7%, up from 3.5%.
- Average wage growth held steady at 5.2%, when expectations had been for a tick higher to 5.3%.
- INR after touching record low levels on Monday, recovered in the later part of the week.
- Indian trade deficit narrows slightly to USD 28.7 billion from the record USD 30 billion which was recorded in July
- The RBI reiterated on Friday that inflation had peaked and could ease back to around 5% in the June quarter. The RBI added that inflation was high owing to supply-side issues rather than demand.
We would love to hear back from you. Please Click here to share your valuable feedback