rbi updates

RBI could also resort to an outright hike in the policy rate 

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US OUTLOOK/OPINION: Goldman says a better budget means smaller UST financing...

US OUTLOOK/OPINION: Goldman says a better budget means smaller UST financing.  "While there is a very high likelihood that auction sizes will be reduced in  coming quarters, we think it is a close call whether anything will be announced  in the immediate term. Ultimately, we think near-term cuts are slightly more  likely than not. Any reduction is likely to be concentrated in 2- and 3-year  auction sizes."

Quotes from Societe Generale Cross Asset Research:

-Under the Chinese hard landing scenario, we would expect China to lead the easing cycle. The PBOC would both slash the Reserve Requirement Ratio (RRR) and conduct sizeable repo operations to ensure ample liquidity, which would lead to lower money market fixings. We conservatively estimate that the RRR would be cut by 4.5 percentage points from 20% to the post-Lehman low of 15.5%, which would in turn push front-end rates below 1.00%.

-Elsewhere in the region, we expect rates to fall towards the levels seen in 2008. The inflationary impact of cuts in domestic subsidies and tariff hikes in electricity and fuel would be overshadowed by the deflationary pressure from a sharp economic slowdown. India, Malaysia and Thailand would have the most scope to ease from current levels, while  Taiwan and Indonesia have the least room to manoeuvre.      

gold tips

gold 1st target achieved@27550

Euro updayes

NetDania: New 1 month High: EUR/USD

bank nifty

target extended to 10560/10450

gold tips

sell gold@276702nd lot 27750 target 26550/26450/26200

India cash rate

* India's overnight cash rate jumps to 10 pct versus Tuesday's close of 6.50/6.55 pct

Gold silver updates

Gold, spot
New 1 month High: 1339.78
Previous 1 month High: 1339.76

crude oil tip

sell crude oil @6400 2nd lot @6440 target 6340/6280