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Reuters

Indian rupee set to open firmer as softer US jobs data cools Fed hike bets

AI Market Summary
A weaker-than-expected U.S. jobs report and downward revisions to prior payrolls signaled labor-market cooling, prompting futures markets to cut the implied probability of a September Fed hike to ~53% from ~75%. The dollar index fell further and is tracking its largest weekly decline since early April, tightening near-term downside pressure on USD. Asian FX and equities firmed, with INR poised to rebound as USD demand softens.
Impact level
● Medium
Affected assets
NCSIDXY2USD/USDT-0.20%
AI Insight · NCSIDXY2USD/USDTAI Insight
▼ Bearish
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US job growth slowed sharply in June and payroll gains for the prior two months were revised lower, signaling a cooling labor market. Traders cut the implied probability of a Federal Reserve rate hike in September to about 53% from roughly 75%. The dollar index fell 0.2% on the day and was set for its biggest weekly drop since early April, at 100.77, Reuters reported.
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