India’s retail CPI rises strongly by 4.38% in June, beats 4.3% estimates

Sagar Dua FXStreet

India’s retail Consumer Price Index (CPI) rises at an annualized pace of 4.38% in June, stronger than 4.3% estimates and the previous reading of 3.93%.

Market reaction

No strong reaction is seen in the Indian Rupee (INR) following the release of the India's CPI data. At press time, USD/INR trades higher at around 95.60.

Economic Indicator

Consumer Price Index (YoY)

The India Consumer Price Index released by the Ministry of Statistics and Programme Implementation measures the average price change for all goods and services purchased by households for consumption purposes. CPI is the main indicator to measure inflation and changes in purchasing trends. A high reading is positive (or bullish) for the INR, while a low reading is negative (or bearish).

GBP/USD stays slightly offered below 1.3600

Following an initial drop to fresh six-day lows, GBP/USD now picks up some updside traction and trades in levels just shy of the 1.3600 barrier on Thursday. The generalised cautious tone among market participants continue to underpin the Greenback ahead of Friday’s data releases and the Fed Warsh’s speech.

EUR/USD challenges 1.1650; US Dollar remains inconclusive

EUR/USD now manages to regain some composure, trimming earlier losses and reclaiming the mid-1.1600s on Thursday. The pair’s pullback comes on the back of marginal gains in the US Dollar, as market participants now shift their attention to Friday’s NFP revision and the speech by Chair Warsh at the Jackson Hole Symposium.

Gold struggles to reclaim $4,600

Gold adds to Wednesday’s pullback, although it manages to pick up some pace and come closer to the $4,600 mark per troy ounce on Thursday. In the meantime, the yellow metal remains on the back foot despite the widespread caution and the lack of clear direction of the US Dollar.

Crypto Today: Bitcoin, Ethereum, XRP bulls regain strength amid steady capital inflows

Cryptocurrency prices are broadly edging higher on Thursday, led by Bitcoin’s uptick near $80,000. Altcoins mirror Bitcoin’s short-term bullish outlook, with Ethereum trading above $2,500 and Ripple hovering above its key $1.40 support.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.