It seems like the rally of the greenback has ended. On Monday, the US dollar index was below $93.50. Tuesday’s attempts to recover are not successful. The index is below $93.40. No important economic data will be released today.
India's October retail inflation hits seven-month maximum
In October, India's retail inflation climbed up to a seven-month maximum, powered by faster ascends in prices of food as well as fuel products, thus dampening chances of an interest rate drop by the country’s major financial institution next month.
In October, India's annual consumer inflation soared to 3.58% from 2016, as government data disclosed on Monday.
Experts surveyed by Reuters had expected October's CPI inflation rate to ascend to 3.46% from September's outcome 3.28%.
Some market experts expect India's decision on Friday to reduce tax rates on up to 178 items, including detergent powders and chocolates to from 28% to 18% could marginally decrease retail inflation in the nearer months.
In India, retail inflation has been steadily ascending since June, when it relieved to 1.46%, which is its slowest tempo since this country started publishing such figures in January 2012, built around combined data for rural as well as urban consumers.
This economic indicator is highly important for the Bank of England’s monetary policy because it is used as the central bank’s inflation target.
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