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Essence of the Week
Aug 22, 2016 | Source: AxisDirect
Global: Markets heaved a sigh of relief after the minutes of US Fed’s latest meeting were released. The July meet’s minutes showed that while policymakers were upbeat about US economic outlook, they were divided over whether to raise interest rates soon and, wanted to "leave their policy options open". Not surprisingly, risk assets soared, yields fell, and USD sank to a seven-week low.
Domestic: The seasonal rainfall has slacked off over the past few days wiping out the 3% surplus for the season. However, the monsoon has been normal so far (zero deviation from normal). Since the season started in June, 89% of the country has received normal to excess rains. Sowing is 6.5% higher YoY and has picked up in August, with pulses showing a sharper uptick (up 33% YoY) due to government’s push. Cotton sowing has continued to lag, down ~9% YoY. Reservoir storage has increased sharply and total filled reservoir capacity stood at 61% vs. 49% normal, which augurs well for early Rabi sowing.
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