Kedia Commodities

Published on 23/09/2022 4:36:46 PM

Pound Sinks on Tax Cuts Announcement

The British pound fell almost 2% to $1.1 on Friday, a fresh low since 1985, after the government announced several tax cuts, in an attempt to boost economic growth. The plan includes the cancellation of a planned rise in corporation tax to 25%, keeping it at 19% and a reversal in the recent 1.25% rise in National Insurance contributions. The government estimates the tax cuts will total £45 billion by 2026-27, but investors worry that public debt levels will soar, at a time the economy is already under big downward pressure. The Bank of England on Thursday hiked interest rates for a seventh straight time to combat inflationary pressure, with policymakers saying they would continue to "respond forcefully, as necessary" to return inflation to the 2% target sustainably, despite the economy entering recession.

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Choice International Ltd

Published on 23/09/2022 3:28:22 PM

Sumeet Bagadia Views

Dollar Index abv 112
Equity Down 
Commodity Down 
Currency Down......

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Kedia Commodities

Published on 23/09/2022 2:02:58 PM

2:00PM GBP ZONE:

Flash Manufacturing PMI
Actual: 48.5
Excepted: 47.4
Previous: 47.3

Positive For GBP

Flash Services PMI
Actual: 49.2
Excepted: 49.9
Previous: 50.9

Negative For GBP

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Kedia Commodities

Published on 23/09/2022 1:37:25 PM

1:30PM EUR ZONE:

Flash Manufacturing PMI
Actual: 48.5
Excepted: 48.7
Previous: 49.6

Flash Services PMI
Actual: 48.9
Excepted: 49.1
Previous: 49.8

Unchanged For EUR

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Kedia Commodities

Published on 23/09/2022 1:09:56 PM

EUR ZONE:

German Flash Manufacturing PMI
Actual: 48.3
Excepted: 48.3
Previous: 49.1

Unchanged For EUR

German Flash Services PMI
Actual: 45.4
Excepted: 47.2
Previous: 47.7

Negative For EUR

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Kedia Commodities

Published on 23/09/2022 12:54:05 PM

12:45PM EUR ZONE:

French Flash Services PMI
Actual: 53.0
Excepted: 50.5
Previous: 51.2

Positive For EUR

French Flash Manufacturing PMI
Actaul: 47.8
Excepted: 49.8
Previous: 50.6

Negative For EUR

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Kedia Commodities

Published on 23/09/2022 12:53:48 PM

Indian rupee weakens first time against US dollar: 

Indian Rupee on Friday weakened past 81 mark to a fresh record low against US dollar for the first time while 10-year bond yield jumped 6 basis points to hit over two-month high on the back of surge in US treasury yields. The currency opened at 81.03 a dollar and touched an all-time low amid strong dollar and concern over widening of the trade deficit. However, possible RBI intervention in the forex market to curb volatility may prevent sharp rupee depreciation. Additionally, FIIs have turned net buyers after a long period of time. The US federal reserve raised the rate by another 75 basis points and surprised the markets by projecting further sizeable hikes in the coming months.

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Swastika Investmart Ltd

Published on 23/09/2022 12:53:10 PM

TARGET ACHIEVED IN EURINR BOOK FULL PROFIT AT 79.30

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Swastika Investmart Ltd

Published on 23/09/2022 12:52:56 PM

TARGET ACHIEVED IN GBPINR BOOK FULL PROFIT AT 90.70

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Swastika Investmart Ltd

Published on 23/09/2022 12:17:27 PM

BOOK PART PROFIT IN EURINR AT  79.5050

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