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Euro to Pound Sterling Exchange Rate Struggles to Sustain Gains despite Stronger Eurozone Data

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Euro to Pound Exchange Rate Floundering as Investors Unwind Bets against Sterling

Tuesday’s stronger than expected Eurozone data wasn’t enough to keep the Euro to Pound Sterling (EUR/GBP) exchange rate climbing, as the Pound (GBP) remained generally appealing while investors unwound bets against it.

Since last week, hopes that a softer Brexit was still possible have led to a big Pound recovery. EUR/GBP fell over a pence last week and closed at the level of 0.8860.

This week, the Euro (EUR) has attempted to rebound but has been unable as investors are hesitant to sell Sterling too far for now.

While EUR/GBP has avoided last night’s three month low of 0.8844, the pair has only rebounded slightly and still trends low near the level of 0.8864.

Euro (EUR) Exchange Rates Unappealing despite Signs of Improvement in Eurozone Sentiment

The Euro has remained largely unappealing overall this week, as markets are still anxious about the possibility of Germany being in recession. Signs of optimism in yesterday’s Eurozone data were not enough to boost the shared currency against a stronger Pound.

Tuesday saw the publication of ZEW’s September economic sentiment index results. While Germany’s current conditions print was even weaker than expected, the outlooks were actually less dire than predicted.

German economic sentiment lightened to -22.5 and the overall Eurozone’s sentiment index lightened from -43.6 to -22.4.

Still, continued concern about the overall health of Germany’s economy, as well as uncertainty over the European Central Bank’s (ECB) latest monetary policy plans limited demand for the Euro.

Pound (GBP) Exchange Rates Sturdy as Investors Hope to Avoid Missing another Rally

Speculation that the Pound could continue a rally that started at the end of last week has kept investors from selling the British currency much so far this week.

Sterling has been highly volatile, as on Monday it briefly shed some of Friday’s gains, but rebounded and climbed again on Tuesday afternoon.

Analysts have said that the main question for the Pound outlook was whether no-deal Brexit was really off the table or not.

UK Prime Minister Boris Johnson has insisted that while he will not break the law, Britain will be exiting the EU on the 31st of October with or without a deal.

This, as well as warnings from EU officials that no-deal Brexit was a serious risk, kept no-deal Brexit fears on the table, keeping a lid on the Pound’s potential for gains.

Euro to Pound (EUR/GBP) Exchange Rate Awaits Central Bank Speculation and News

While developments in UK politics and Brexit will remain the primary influence for Pound movement, expected central bank news and likely speculation will be highly influential for the Pound to Euro (GBP/EUR) exchange rate over the coming days.

This evening’s Federal Reserve policy decision could cause some Euro movement if it surprises investors, due to the Euro’s negative correlation with the US Dollar (USD).

It will be followed by the Bank of England’s (BoE) own September policy decision tomorrow.

The BoE is not expected to show any notable shifts in tone, but if its stances have been shifted at all by data or Brexit news then the Pound could of course see some reaction.European Central Bank (ECB) speculation could influence the Euro’s movement as well, depending on today’s upcoming inflation rate stats. Overall, central bank and Brexit news is likely to influence the Euro to Pound (EUR/GBP) exchange rate.

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MARKET WRAP: Sensex up 83 pts, Nifty ends at 10,841; realty, metals surge

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Benchmark indices moved higher in Wednesday's noon trade after trading in a range-bound manner for a major part of the day. 

The S&P BSE Sensex gained 135 points, or 0.37 per cent, to 36,620 levels. Bajaj Finance, Tata Steel, State Bank of India, Kotak Mahindra Bank, and Asian Paints were the top gainers in the Sensex pack. The broader Nifty50 index was up 40 points, or 0.36 per cent, to 10,860 levels.

The Nifty sectoral indices, except Nifty FMCG, were trading in the green. Nifty Metal, Nifty PSU Bank, and Nifty Realty indexes all gained over 1 per cent each.

In the broader market, the S&P BSE MidCap index was ruling at 13,460 levels, up 78 points, or 0.6 per cent, and the S&P BSE SmallCap index was hovering around 12,900 levels, up 48 points, or 0.37 per cent.


Caution ahead of an expected US interest rate cut kept wider financial marketsin tight ranges.

European shares are expected to tread water, with pan-European Euro Stoxx 50 futures shedding 0.06 per cent, German DAX futures losing 0.1 per cent and FTSE futures down 0.14 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.14 per cent while Japan’s Nikkei dipped 0.18 per cent after 10 straight days of gains and China’s blue-chip share index rose 0.52 per cent.


03:46 PM
Nifty Realty among top gainers on the NSE today

Key indices on NSE

03:44 PM

RIL, SBI, ITC contribute most to Sensex's gain today

03:43 PM

Sensex heat map

GBP/AUD Slips from Three-Week High as UK Inflation Disappoints

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GBP/AUD Exchange Rate Muted as UK Inflation Misses Expectations

The Pound Australian Dollar (GBP/AUD) exchange rate is stuck in a narrow range this morning, in response to a weaker-than-expected CPI release from the UK.

At the time of writing the GBP/AUD exchange rate is currently trading at around AU$1.8218, virtually unchanged from the morning’s opening levels but down from a high of AU$1.8259.

UK Inflation Slows, BoE Rate Decision to Come

The Pound (GBP) is facing headwinds this morning as markets react to the UK’s weaker-than-expected consumer price index (CPI).                        

According to data published by the Office for National Statistics (ONS), UK inflation slowed from 2.1% to 1.7% in August, missing expectations for a modest slide to 1.9% and falling to its worst levels since December 2016.The drop in inflation is welcome news for consumers, as combined with the recent surge in wage growth, which struck 4% in July, consumer spending power is on the rise.

However, the slump in inflation could put more pressure on the Bank of England (BoE) to consider lowering interest rates.

The BoE will conclude its latest policy meeting tomorrow, and while no policy changes are expected from the bank this month, could the slowdown in inflation push the BoE towards lowering interest rates after Brexit?

Could a Rise in Unemployment Prompt another Rate Cut from the RBA Next Month?

Coming up later tonight the publication of Australia’s jobs report could see the Australian Dollar (AUD) continue to give ground.

Data published by the Australian Bureau of Statistics (ABS) is expected to report unemployment rose from 5.2% to 5.3% in August as employment growth slowed from 41,100 to just 10,000.

The Reserve Bank of Australian (RBA) has repeatedly stressed that it views domestic labour figures as a key gauge of the health of the Australian economy.

Another rise in unemployment is likely to put more pressure on the RBA to continue easing monetary policy, with the minutes from the bank’s most recent policy meeting appearing to leave the door open for an October cut.

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India to invite bids from global coal miners before end of 2019: Sources

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India plans to invite bids from global firms for the first time for coal mining blocks before end-2019, sources familiar with the matter said, a move that would end Coal India Ltd's near-monopoly for the fuel as the nation tries to cut imports.

Coal is among the top five commodities imported by India, one of the world's largest consumers of the fuel. Coal imports are surging after the government failed to open the industry to competition, despite having passed a liberalization policy 19 months ago.

The coal block auctions are intended to attract global miners such as Glencore PLC, BHP Group, Anglo American PLC and Peabody Energy Corp.

The government aims to allow companies with winning bids to begin development of the coal blocks - which hold proven reserves - by early 2020, the three sources said.

It is not clear when the government expects to see first output from the coal blocks. India's Ministry of Coal did not respond to a request for comment.

Total imports of thermal coal - used mainly for power generation - rose by about a third during the quarter ended June 30 to 56.23 million tonnes as compared with the same period last year, according to government data reviewed by Reuters.

Coal India and a small stated-owned company are the only firms currently allowed to mine and sell coal in India. India does allow some power, steel, cement and aluminium companies to mine coal for their own captive use.

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