India Inflation Miss May Spur Advance in USD/INR NDF: Analysis
Source: BFW (Bloomberg First Word)
To de-activate this alert, click here
UUID: 7947283
(Bloomberg) -- With India’s CPI expected to accelerate in May, an estimate miss may see USD/INR 1-mo. NDF rising toward the 21-DMA of 67.44 as investors reconsider the possibility of rate cuts.
Alert: HALISTER1- On March 14, the last time monthly CPI data undershot estimates, USD/INR 1-mo. NDF gained 0.3%
- Consumer prices probably rose 5.60% y/y, up from 5.39% gain in April, median est. in Bloomberg survey shows
- Ests. range from +5.15% to +5.90%; data due at 5:30pm Mumbai time on June 13
- RBI said in June 7 monetary policy statement that inflation surprise in the April reading makes the future trajectory of inflation somewhat more uncertain, with upside risks
- Top forecaster, as ranked by Bloomberg, is among those forecasting May CPI at top of range at 5.90%
- Next RBI policy meeting is on Aug. 9
- 1-mo. NDF little changed at 67.08 today
- NDF’s slow stochastics %K line crosses above %D line to 27
Source: BFW (Bloomberg First Word)
To de-activate this alert, click here
UUID: 7947283