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The Indian bonds traded modestly firmer Friday as the United States Federal Reserve September rate hike hopes faded after reading a series of disappointing economic data released Thursday.
Markets remained muted after retail sales, producer price index and industrial production came well below the consensus expectations. This further decreased the possibilities of September rate hike hopes among investors, causing to be risk averse.
The yield on the benchmark 10-year bonds, which moves inversely to its price, fell nearly 1 basis point to 7.060 percent, the super-long 24-year Treasury yield dipped more than 1-1/2 basis points to 7.247 percent and the short-term 2-year note yield slid 1/2 basis point to 6.783 percent by 07:00 GMT.
Following the U.S. Treasuries, the benchmark 10-year bond yield fell below 1.70 percent mark (down 2 basis points to 1.684 percent) and the yield on short-term 2-year note also dipped below 0.80 percent (down 1/2 basis point to 0.734 percent) by 11:30 GMT.
India's annual rate of inflation based on wholesale prices moved up to 3.74 percent in August, from 3.55 percent in the month before. While an easing of consumer prices raised hopes of an interest rate cut by the newly-appointed Governor of the Reserve Bank of India (RBI), Urjit Patel in his debut monetary policy meeting next month, after a rise in wholesale prices faded such an expectation.
India’s consumer price index (CPI) rose 5.05 percent in August from a year earlier, data released by the Ministry of Statistics showed Monday. That’s slower than the 5.2 percent median estimate in a Bloomberg survey of 35 economists and is a plunge from the previous month’s 6.07 percent rate.
“Next week’s FOMC meeting is set to be interesting given the recent divergent Fed speak. The dovish view appears to be in the ascendency for now. We expect no change in policy,” said ANZ in a research note.
Meanwhile, the Sensex rose 1.22 percent or 345.30 points to 28,758.19 and Nifty-50 futures traded 0.90 percent higher or 78.95 points at 8,861.25 by 07:10 GMT.
