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Major currencies were closeted within tight ranges on Wednesday as investors awaited the signing of a U.S.-China trade deal, with the greenback holding above a one-week low against its rivals.

Though the formal agreement, due in early U.S. hours, is aimed at drawing a line under 18 months of tit-for-tat tariff hikes that have hurt global growth, it will not end the trade dispute between the world's two largest economies.

"I don't think the market is fully convinced about a closure on the trade conflict front as the issue has caused a lot of damage to the world economy," said Neil Mellor, a senior FX strategist at BNY Mellon in London.

U.S. Treasury Secretary Steven Mnuchin said existing tariffs on Chinese goods would stay, pending further talks.

Against a basket of its rivals (DXY), the dollar was steady at 97.4, just shy of a one-week low of 97.29. The Chinese currency in the offshore market was broadly steady.

The Australian dollar , a relatively volatile barometer of trade tensions, was a shade weaker at $0.6893.

U.S. President Donald Trump is slated to sign the Phase 1 trade agreement with Chinese Vice Premier Liu He at the White House at 1630 GMT.

Washington has already agreed to suspend tariffs on $160 billion of some Chinese-made electronics, and to halve existing tariffs on $120 billion of other goods to 7.5%.

But it will leave in place 25% tariffs on a vast, $250 billion array of Chinese industrial goods and components used by U.S. manufacturers.

A source told Reuters that China has pledged to buy almost $80 billion of additional manufactured goods from the United States over the next two years under the deal, although some U.S. trade experts called that unrealistic.

Elsewhere, the British pound was broadly steady at $1.3014 after sustaining some losses in recent sessions thanks to a chorus of dovish comments from central bank policymakers.

The only major data in the European session is U.K. price data due at 0930 GMT where inflation is expected to grow 1.5% in December from a year-ago period.

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 A tone of caution prevails in the foreign exchange markets Wednesday, ahead of the signing of the much-awaited trade deal between U.S. and China.

At 03:25 ET (0825 GMT), the safe-haven yen was slightly firmer against the U.S. dollar, with USD/JPY trading at 109.91, down 0.1%, while the euro was marginally lower against the dollar, with EUR/USD at $1.1120, down less than 0.1%. A preliminary reading of 2019 German GDP due at 4 AM ET (0900 GMT) may have some impact on that pair.

The formal agreement is aimed at drawing a line under 18 months of tit-for-tat tariff hikes that have hurt global growth, but it will not end the trade dispute between the world's two largest economies. This was made clear overnight when U.S. Treasury Secretary Steven Mnuchin said existing tariffs on Chinese goods would stay, pending further talks.

Elsewhere,sterling has climbed back above the $1.30 level, helped by comments from Prime Minister Boris Johnson who said late Tuesday that he considers “very likely” the U.K. will get a “comprehensive trade deal with the EU by year-end.”

It’s debatable how long this pair can remain above this level given the recent comments from a number of members of the Bank of England’s Monetary Policy Committee, suggesting the bank may be edging towards a rate cut.

In a speech earlier, Bank of England policymaker Michael Saunders repeated his support for a rate cut to support an economy weakened by Brexit and other uncertainties.

"It probably will be appropriate to maintain an expansionary monetary policy stance and possibly to cut rates further, in order to reduce risks of a sustained undershoot of the 2% inflation target," Reuters quoted Saunders as saying.

"With limited monetary policy space, risk management considerations favor a relatively prompt and aggressive response to downside risks at present."

“News that the BoE is turning a little more dovish, plus no signs of a serious U.S. slow-down, suggests GBP/USD may be spending more time at the lower end of its 1.29-1.35 trading range, “ according to an ING research note.

The release of inflation data later Wednesday, at 04:30 ET (0930 GMT), could have some impact. The headline CPI inflation is expected to arrive at +0.2% on the month in December while the annualized figure is seen steady at +1.5%.

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Petrol and diesel prices across all major cities in India were cut by 15 paise and 14 paise respectively on January 16. This came after no change in fuel prices was seen on January 15.

In Delhi, petrol costs Rs 75.55 a litre while diesel is being sold at Rs 68.92 a litre. Meanwhile in Mumbai, Chennai and Kolkata, petrol is pegged at Rs 81.14, Rs 78.49 and Rs 78.23 a litre today. Diesel in these three cities after the price cut today is at Rs 72.27, Rs 72.83 and Rs 71.29 a litre.

On January 13, the fuel prices across major Indian cities saw a drop for the second day in a row, with petrol and diesel prices being slashed by 10 paise and 5 paise respectively.

The relief comes after crude oil prices saw a drop following a further easing of the US-Iran conflict threat.

Earlier this month, the price of crude oil spiked over rising tension in the Middle East and the resultant geopolitical uncertainties.

However, Iran signalled on January 12 that it favoured de-escalation, following nearly 10 days of tension between the countries, which came after an Iranian military general was killed in an airstrike by the US.

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Customers across major metros in India saw some respite as petrol and diesel prices fell by 10 paise and five paise, respectively, on January 13. This was the second consecutive day when fuel prices saw a drop on the back of slight easing of tensions between the United States and Iran.

Prices of petrol and diesel stood at Rs 75.80 and Rs 69.06 a litre, respectively, in Delhi. In Mumbai, the same stood at Rs 81.39 and Rs 72.42, respectively.

In Kolkata and Chennai, petrol prices fell to Rs 78.39 and Rs 78.76 a litre, respectively. Diesel prices in the two cities reduced to Rs 71.43 and Rs 72.98 a litre, respectively.

Crude oil prices saw a spike earlier this month as a result of rising tension in the Middle East, heightened geopolitical uncertainties and the recent decision to reduce oil production made by OPEC nations and their allies.

However, Iran on January 12 signalled that it favours de-escalation, following nearly 10 days of tension between the countries, which came after an Iranian military general was killed in an airstrike by the US.

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India's federal power ministry has proposed a new deadline for coal-fired power plants around New Delhi to install emission cutting equipment, a government official said on Friday.

The ministry has said that the power plants - 10 out of 11 of which missed a December 2019 deadline - be given deadlines starting July 2020 and ending December 2021 to install the equipment, the government official, who did not want to be named, told Reuters.

The environment ministry will take the final call on the power ministry's proposal.

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Investments in new projects during the December quarter have risen 37.4 percent year-on-year (YoY) to Rs 4.26 lakh crore.

In the same period in 2018, projects worth Rs 3.1 lakh crore were announced, according to data provided by project tracker Centre for Monitoring Indian Economy (CMIE).

“This is not only the highest new investment announcements seen anytime in the past seven quarters it is also more than 50 percent higher than the average investment proposals seen over the same period,” CMIE said in a report.

CMI publishes capex data every quarter.

New projects worth Rs 1.36 lakh crore were completed during the December quarter, a slight drop from Rs 1.37 lakh crore during the same period in 2018. But, it is a sharp increase from the projects completed in the previous two quarters – 0.81 lakh crore in the June quarter and 0.79 lakh crore in the September quarter.

“The sudden spurt in completion of projects is welcome but, it does not imply a change in the overall slowdown in project completions during 2019-20,” CMIE said in the report.

CMIE estimates that 2019-20 may still see lower fresh investment proposals than the Rs 12 lakh crore reported in 2018-29.

Projects worth Rs 13,200 crore were stalled during the October-December quarter, which was the lowest in 11 years. The scenario of stalled projects being at a record low is unlikely to change soon though the estimate may be revised in future.

At the beginning of the December quarter, there were projects worth Rs 188.7 lakh crore in the pipeline, and the quarter ended with Rs 191.3 lakh crore projects in the execution and completion stages.

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A dip in country's steel output is set to become more prominent in the coming months with declining imports of coking coal, a key raw material for the metal production, industry analysts said.

Coking coal imports in November declined by 14.52 percent to 3.61 million tonnes (MT), against 4.22 MT in the same month last fiscal, Iman Resources said. The country's crude steel production in November was down by 2.8 percent to 8.9 MT, compared to the production figure of November 2018.

In October, India had reported a 3.4 percent fall in crude steel output at 9.089 MT as against 9.408 MT in the same month in the previous fiscal, according to a global body.

Till November, import of coking coal in the current fiscal was 44.09 MT, recording a dip of 5.11 percent over the corresponding period of the previous fiscal, when it recorded an import of 46.46 MT.

A dip in country's steel output is set to become more prominent in the coming months with declining imports of coking coal, a key raw material for the metal production, industry analysts said.

Coking coal imports in November declined by 14.52 percent to 3.61 million tonnes (MT), against 4.22 MT in the same month last fiscal, Iman Resources said. The country's crude steel production in November was down by 2.8 percent to 8.9 MT, compared to the production figure of November 2018.

In October, India had reported a 3.4 percent fall in crude steel output at 9.089 MT as against 9.408 MT in the same month in the previous fiscal, according to a global body.

Till November, import of coking coal in the current fiscal was 44.09 MT, recording a dip of 5.11 percent over the corresponding period of the previous fiscal, when it recorded an import of 46.46 MT.

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More than 5,000 exporters and 245 Star Export Houses have not been given their Goods and Services Tax (GST) dues as a result of overreach by the taxman, the Financial Express.

This comes at a time when the country's exports have not performed all too well, with merchandise exports having contracted by 0.34 percent year-on-year (YoY) in November. In the past eight months, this was the fifth time that exports shrank.

Moneycontrol could not independently verify the report.

According to the report, the newly-designed system aims to identify genuine claims as against those suspected to have made excessive input tax credit claims. However, the long verification process undertaken by tax officials for the same has its downsides, with some genuine refund requests being withheld.

Sources told the paper what worries the community of exporters is that trading houses, some of which even have the Star Exporter tag, have faced similar issues. This, they said, highlighted that the system of identification was not without faults.

The director general of analytics and risk management (DGARM) wrote to tax officials, the report noted, wherein he pointed out that the methods undertaken to check malpractices on the part of exporters had either been ‘blunt’ or ‘draconian’.

Star Export Houses are basically established Indian exporters that have been accorded the status based on their export performance in two out of the three preceding financial years. The status allows the exporter to enjoy certain benefits and exemptions aimed at facilitating business.

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The labour ministry is in talks with the corporate affairs ministry to build a social security fund worth Rs 20,000 crore for unorganised workers.

The fund will be used to provide benefits to more than 80 percent of professionals from the unorganised industry that consists of around 500 million workers, the report stated. The benefits include pension, maternity, insurance and so on.

Moneycontrol could not independently verify the report.

The central government will administer the works from the unorganised sector in the social security code, introduced earlier in the recent winter session of Parliament.

The corporate affairs ministry controls the corporate social responsibility (CSR) norms as the fund is planned to be constituted with corporate contributions. 

A government source told the newspaper that the labour ministry would press for CSR to include such contributions. 

Indian companies that have a net profit of at least Rs 5 crore, or a turnover of at least Rs 1,000 crore, or a net worth of at least Rs 500 crore, have to spend two percent of their average net profit of the preceding three years on CSR activities, as per the Companies Act.

Under CSR activities in the last four years until June, more than Rs 52,533 crore have been spent on causes like environmental sustainability, sanitation, healthcare and education. Indian companies spent the maximum amount on education (Rs 15,742 crore) followed by healthcare (more than Rs 9,093 crore).

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Sharetipsinfo team wishes everyone a Merry Christmas 2019. May god bring happiness in the life of all.

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