Trump extended the tariff truce with China – which was set to expire today – by 90 more days, announced that gold will finally not be tariffed, and confirmed that Nvidia and AMD will pay the US government a 15% cut of their Chinese sales.
While the Reserve Bank of India held rates steady, it significantly lowered its inflation outlook. The combination of softer inflation and emerging downside risks to growth suggests there is still room for further rate cuts - particularly if monetary policy transmission improves. Meanwhile, a stable rate differential should be supportive of the rupee
Market sentiment is turning sour after last Friday's weak US jobs data that led to the firing of the Chief of the Bureau of Labor Statistics (BLS)! The BLS reported just 73,000 nonfarm payroll gains for June — far below expectations.
