Upcoming Week’s Focus: RBI Rate Decision and US CPI Data in the Spotlight

The week concluding on August 4 witnessed consecutive losses in the domestic market, with both headline indices, Nifty and Sensex, experiencing a decline of 0.66% each. This downturn coincided with a prevailing negative global market sentiment.

Reserve Bank of India’s Rate Decision: Investor attention on Dalal Street will be unwaveringly focused on the forthcoming interest rate decision by the Reserve Bank of India (RBI). The central bank’s Monetary Policy Committee (MPC) is scheduled to convene a three-day meeting starting Tuesday. This meeting has the potential to introduce a degree of volatility into the market.

RBI Rate Prediction: Forecasts from Investing.com indicate an anticipated maintenance of the RBI’s policy rates at 6.5%, suggesting a likely status quo.

June Quarterly Earnings and Global Data Watch: The domestic market is poised to enter the final phase of the June quarterly earnings season this week. Additionally, the global market will closely track the release of July’s US Consumer Price Index (CPI) data and the UK Gross Domestic Product (GDP) figures for the second quarter of the year.

Upcoming Events – August 7 to August 11:

August 7:

• BoE MPC Member Pill Addresses Audience
• China’s Imports and Exports Data for July Unveiled
• Remarks from FOMC Member Bowman
• Release of China’s Trade Balance (USD) for July

August 8:

• EIA’s Short-Term Energy Outlook Report
• US Trade Balance (June) Projection from Investing.com at -65.7 billion
• China’s Consumer Price Index (CPI) for July Estimated by Investing.com at -0.5%
• US API Weekly Crude Oil Stock Data
• China’s Producer Price Index (PPI) Projection for July at -5.4%

August 9:

• US Crude Oil Inventories Update
• Japan’s Producer Price Index (PPI) for July Estimated by Investing.com at 3.5%

August 10:

• Interest Rate Decision Anticipated at 6.5%
• India’s Cash Reserve Ratio Forecast at 4.5% by Investing.com
• US Consumer Price Index (CPI) for July Forecast at 3.3%
• Projection for Core CPI at 4.7%
• US Initial Jobless Claims Expected at 231,000
• US Federal Budget Balance for July

August 11:

• UK Gross Domestic Product (GDP) for Q2 Forecasted at 0.2% by Investing.com
• Release of UK GDP for June
• India’s Industrial Production for June Estimated at 1% by Investing.com
• US Producer Price Index (PPI) for July Forecast at 0.2%
• UK Manufacturing Production Data for June
• US IEA Monthly Report Revealed