Dollar edges up on bargain hunting, geopolitical fears weigh

Investing.com - Investing.com - The dollar edged up against most major currencies on Friday after taking a bruising on fears that unrest in Ukraine and Gaza will slow U.S. recovery, though gains were cautious.

In U.S. trading on Friday, EUR/USD was unchanged at 1.3526.

Investors finished the week digesting the fallout from a downed Malaysian Airlines flight over Ukraine, with the U.S. blaming Ukrainian pro-Russian separatists for shooting down the aircraft, killing 298 aboard.

Concerns that fresh rounds off sanctions could be slapped on Russia in wake of the incident softened the dollar earlier by fueling fears the fallout will weigh on global recovery, thus prompting the Federal Reserve to keep policy loose for longer than once anticipated.

U.S. President Barack Obama said Friday, however, that sanctions were aimed at having minimal impacts on the global economy, which gave the dollar some support, though gains were minimal due to uncertainty in the Middle East, where Israel's ground offensive in Gaza continued.

"Following ten days of Hamas attacks by land, air and sea, and after repeated rejections of offers to deescalate the situation, the Israel Defense Forces (IDF) has initiated a ground operation within the Gaza Strip," the IDF said on its website on Thursday.

Disappointing U.S. sentiment data allowed for cautious trading.

The Thomson Reuters/University of Michigan preliminary consumer sentiment index fell to a four-month low of 81.3 in July from 82.5 in June, confounding expectations for rise to 83.0.

The dollar was down against the yen, with USD/JPY up 0.18% at 101.35, and up against the Swiss franc, with USD/CHF up 0.10% at 0.8982.

The greenback was up against the pound, with GBP/USD down 0.08% at 1.7086.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.21% at 1.0737, AUD/USD up 0.45% at 0.9394 and NZD/USD up 0.23% at 0.8688.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.03% at 80.60.

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CFTC - week ending July 15: speculators more bullish on CAD, AUD

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending July 15 on Friday.

Speculative positioning in the CME currency futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-62.8k	-59.3k	-3.6k	59.5k	7.9k	122.4k	11.5k
GBP	38.8k	41.6k	-2.9k	86.0k	-0.6k	47.2k	2.2k
JPY	-62.9k	-66.4k	3.4k	8.4k	-2.8k	71.3k	-6.2k
CHF	-6.3k	-6.8k	0.6k	8.8k	-0.3k	15.1k	-0.9k
CAD	15.6k	10.3k	5.3k	60.4k	2.1k	44.7k	-3.2k
AUD	39.7k	36.6k	3.1k	70.9k	4.2k	31.1k	1.0k
NZD	15.5k	14.4k	1.0k	26.6k	-0.2k	11.1k	-1.2k
MXN	69.6k	68.8k	0.8k	86.7k	3.9k	17.1k	3.1k

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Dollar dips on Malaysian Airlines crash uncertainty

Investing.com - Investing.com - The dollar weakened against most major currencies on Thursday after a Malaysian Airplanes plane crashed in Ukraine along the Russian border, with reports the aircraft was shot down sending investors avoiding the greenback in favor of safe-haven assets like gold.

Still, uncertainty as to what brought the plane down prevented the dollar from tanking, with many investors remaining in a wait-and-see mode before it becomes clear what happened.

In U.S. trading on Thursday, EUR/USD was up 0.03% at 1.3529.

Investors were tracking news reports that a Malaysian Airlines plane crashed in Ukraine, with wire reports quoting Ukraine authorities saying that the aircraft had been shot down.

The dollar dropped as investors awaited confirmation of the plane crash and its cause.

Mixed data took a back seat to the geopolitical concerns in Ukraine, which have tended to weaken the dollar in the recent past by stoking fears the crisis could slow U.S. recovery by pushing up oil prices and dampening commerce between U.S. companies with Russia and Europe.

The Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a more than three-year high of 23.9 this month from June's reading of 17.8. Analysts had expected the index to dip to 16.0 in July.

The data came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 12 declined by 3,000 to 302,000 from the previous week's total of 305,000.

Analysts had expected jobless claims to rise by 5,000 to 310,000 last week.

Separately, the U.S. Commerce Department said that the number of building permits issued last month fell by 4.2% to 963,000 units from May's total of 991,000. Analysts expected building permits to rise by 4.2% to 1.04 million units in June.

The dollar was down against the yen, with USD/JPY down 0.44% at 101.24, and down against the Swiss franc, with USD/CHF down 0.09% at 0.8974.

The greenback was up against the pound, with GBP/USD down 0.16% at 1.7110.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.10% at 1.0753, AUD/USD up 0.02% at 0.9370 and NZD/USD down 0.26% at 0.8689.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.07% at 80.56.

Markets on Friday will continue to track events surrounding the downed Malaysian Airlines plane.

Elsewhere, the U.S. is release preliminary data from the University of Michigan on consumer sentiment.

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U.S. stocks tumble on geopolitical turmoil; Dow drops 0.94%

Investing.com - Investing.com - Reports a missile took down a Malaysian Airlines aircraft over Ukraine near the Russian border coupled with Israel's launch of a ground offensive in Gaza sent U.S. stocks plunging on Thursday.

At the close of U.S. trading, the Dow 30 fell 0.94%, the S&P 500 index fell 1.18%, while the NASDAQ Composite index fell 1.41%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 33.73% at 14.71.

Stocks fell on news that a Malaysian Airlines plane crashed in Ukraine, with wire reports quoting Ukraine authorities saying that the aircraft had been shot down though it was unclear by whom.

The Malaysia Airlines Boeing 777 crash with 295 people aboard near the Russian border came in wake of new U.S. and European Union sanctions slapped on Russia, with fears brewing the conflict will escalate and dampen U.S. recovery by raising oil prices and dampening commerce among U.S. companies and Europe and Russia.

Elsewhere, Israel launched a ground offensive in Gaza later in the session.

"Following ten days of Hamas attacks by land, air and sea, and after repeated rejections of offers to deescalate the situation, the Israel Defense Forces (IDF) has initiated a ground operation within the Gaza Strip," the IDF said on its website.

Geopolitical concerns completely overshadowed data released earlier.

The Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a more than three-year high of 23.9 this month from June's reading of 17.8. Analysts had expected the index to dip to 16.0 in July.

The data came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 12 declined by 3,000 to 302,000 from the previous week's total of 305,000.

Analysts had expected jobless claims to rise by 5,000 to 310,000 last week.

Separately, the U.S. Commerce Department said that the number of building permits issued last month fell by 4.2% to 963,000 units from May's total of 991,000. Analysts expected building permits to rise by 4.2% to 1.04 million units in June.

Leading Dow Jones Industrial Average performers included UnitedHealth Group Incorporated (NYSE:UNH), up 1.59%, Microsoft Corporation (NASDAQ:MSFT), up 1.03%, and International Business Machines (NYSE:IBM), which was down 0.08%.

The Dow Jones Industrial Average's worst performers included Intel Corporation (NASDAQ:INTC), down 2.76%, Visa Inc (NYSE:V), down 2.14%, and Caterpillar Inc (NYSE:CAT), down 2.09%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.47%, France's CAC 40 fell 1.21%, while Germany's DAX fell 1.07%. Meanwhile, in the U.K. the FTSE 100 fell 0.68%.

Markets on Friday will continue to track events surrounding the downed Malaysian Airlines plane and Israel's ground offensive in Gaza.

Elsewhere, the U.S. is release preliminary data from the University of Michigan on consumer sentiment.

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Gold gains on bargain hunting, though Yellen comments still weigh

Investing.com - Investing.com - Bottom fishers snapped up nicely priced gold positions on Wednesday and wiped out three consecutive losing sessions, though gains were cautious as markets still weighed Federal Reserve Chair Janet Yellen upbeat take on the U.S. economy.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,299.10 a troy ounce during U.S. trading, up 0.15%, up from a session low of $1,294.10 and off a high of $1,304.30.

The August contract settled down 0.73% at $1,297.10 on Tuesday.

Futures were likely to find support at $1,292.60 a troy ounce, Tuesday's low, and resistance at $1,340.90, Monday's high.

Yellen told Senators in a Tuesday hearing that interest rates could rise sooner rather than later if the labor market continues to improve, especially given her observations that small-cap, biotech and other momentum stock valuations appear "stretched" these days.

While she said the economy requires loose policy today, expectations for rates to rise if the labor market continues to improve sent the dollar climbing.

Gold and the dollar tend to trade inversely with one another.

The dollar also firmed on the news that U.S. wholesale prices rose more than expected in June, which capped gold's gains.

The U.S. producer price index rose by 0.4% in June from May, according to the U.S. Bureau of Labor Statistics, beating market calls for a 0.2% uptick.

Core producers prices rose 0.2%, in line with market expectations.

Elsewhere, the Federal Reserve reported that U.S. industrial output rose 0.2% in June, missing consensus forecasts for a 0.4% reading, which capped the dollar's gains.

Meanwhile, silver for September delivery was down 0.53% at $20.778 a troy ounce, while copper futures for September delivery were down 1.09% at $3.214 a pound.

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Dollar broadly higher on Yellen testimony, U.S. wholesale price data

Investing.com - Investing.com - The dollar carried Tuesday's gains against most major currencies into Wednesday on Federal Reserve Chair Janet Yellen's comments to U.S. lawmakers that the economy is improving despite slack in the labor market and added rates could rise sooner if that slackness continues to wane.

In U.S. trading on Wednesday, EUR/USD was up 0.32% at 1.3524.

Yellen told lawmakers in a Tuesday hearing that interest rates could rise sooner rather than later if the labor market continues to improve, especially given her observations that small-cap, biotech and other momentum stock valuations appear "stretched" these days.

Yellen was set to appear before the House of Representatives later Wednesday, though the dollar already priced in Fed expectations for rates to rise sooner if the economy improves or remain on hold if slackness persists, while stimulus programs should wrap up around October.

The dollar also firmed on the news that U.S. wholesale prices rose more than expected in June.

The U.S. producer price index rose by 0.4% in June from May, according to the U.S. Bureau of Labor Statistics, beating market calls for a 0.2% uptick.

Core producers prices rose 0.2%, in line with market expectations.

Elsewhere, the Federal Reserve reported that U.S. industrial output rose 0.2% in June, missing consensus forecasts for a 0.4% reading, which capped the dollar's gains.

The dollar was up against the yen, with USD/JPY up 0.04% at 101.72, and up against the Swiss franc, with USD/CHF up 0.33% at 0.8987.

The greenback was up against the pound, with GBP/USD down 0.05% at 1.7135.

In the U.K., the Office for National Statistics said that the claimant count, or the number of people claiming unemployment benefit, fell by 36,300 in June, exceeding expectations for a decline of 27,000. May's figure was revised to 32,800 from a previously reported decline of 27,400.

The unemployment rate declined to 6.5% in the three months to May, from 6.6% in the previous three months.

The robust employment report added to indications that the economic recovery in the U.K. is deepening, fuelling expectations that the Bank of England will hike rates before the end of the year.

However, the report showed that growth in real wages remains weak.

Average weekly earnings, excluding bonuses, rose by an annualized 0.7% in the three months to May, the slowest since record began in 2001. The annual rate of inflation over the same period was 1.6%.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.13% at 1.0744, AUD/USD down 0.07% at 0.9363 and NZD/USD down 0.70% at 0.8707.

The Bank of Canada said earlier it was leaving its overnight cash rate unchanged at 1%, in line with expectations.

The bank attribute a recent increase in inflation to temporary factors rather than any change in domestic economic fundamentals.

In its rate statement, the central bank said its monetary policy stance was neutral and added that the future direction of monetary policy would be data dependent.

The BoC also revised down its forecast for economic growth saying it now expected growth of around 2.25% during 2014–2016.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.24% at 80.63.

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Dollar gains as Yellen voices concerns of bubbly stock valuations

Investing.com - Investing.com - The firmed against most major currencies on Tuesday after Federal Reserve Chair Janet Yellen told U.S. lawmakers that the economy is improving despite slack in the labor market, though momentum stocks may have grown a little frothy.

In U.S. trading on Tuesday, EUR/USD was down 0.39% at 1.3566.

Yellen told the Senate Banking Committee earlier that the U.S. economy continues to improve but added that the recovery is not yet complete. She said that considerable slack still remains in the labor market and wage growth remains weak.

Yellen reiterated that rates are likely to remain on hold for a considerable period after the bank's quantitative easing program ends, though her observation that small-cap, biotech and other momentum stock valuations appear "stretched" gave the dollar support, leaving investors to conclude that interest rates could rise sooner than later if the labor market improves.

Yellen's comments overshadowed mixed U.S. data, which depicted an economy that continues to recover albeit on a road with lingering potholes.

The Commerce Department reported that U.S. retail sales rose just 0.2% in June, below forecasts for a 0.6% increase. Retail sales for May, however, were revised up to 0.5% from a previously reported 0.3%.

A separate report showed that manufacturing activity in New York state rose to a four-year high this month. The Empire state manufacturing index rose to 25.6 in July from 19.3 in June. Analysts had expected the index to decline to 17.0.

Meanwhile in Europe, the ZEW index of German economic sentiment fell to 27.1 in July from 29.8 in June. Analysts had expected the index to tick down to 28.0, and the disappointing number softened demand for the single currency.

The dollar was up against the yen, with USD/JPY up 0.15% at 101.70, and up against the Swiss franc, with USD/CHF up 0.47% at 0.8960.

The greenback was down against the pound, with GBP/USD up 0.35% at 1.7144.

The pound firmed after the Office for National Statistics reported that consumer prices rose 1.9% on a year-over-year basis in June, accelerating from 1.5% in May and well above expectations of 1.6%.

Consumer prices ticked up 0.2% last month, the ONS said, defying estimates for a 0.1% decline.

A separate report showed that the house price index climbed 10.5% in the year to May from 9.9% in the year to April.

The upbeat data fueled already growing expectations the economic recovery in the U.K. is deepening, bolstering expectations that the Bank of England will raise interest rates before the end of the year.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.44% at 1.0760, AUD/USD down 0.23% at 0.9370 and NZD/USD down 0.45% at 0.8766.

Last week, official data revealed that the number of employed people in Canada declined by 9,400 in June, defying expectations for a 20,000 rise after an increase of 25,800 in May.

The report also showed that Canada's unemployment rate rose to 7.1% in June, from 7.0% the previous month. Analysts had expected the unemployment rate to remain unchanged last month.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.30% at 80.45.

On Wednesday, the U.S. is to release reports on producer price inflation and industrial production. Meanwhile, Fed Chair Janet Yellen Carney is to testify on monetary policy before the House Financial Services Committee.

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U.S. mixed on valuation concerns, bank earnings; Dow rises 0.03%

Investing.com - Investing.com - U.S. stock indices finished Tuesday mixed, boosted by bank earnings though watered down by Federal Reserve Chair Janet Yellen's concerns that stock valuations have grown a little bubbly.

At the close of U.S. trading, the Dow 30 rose 0.03%, the S&P 500 index fell 0.19%, while the NASDAQ Composite index dropped 0.54%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 1.18% at 11.96.

J P Morgan Chase & Co (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS) released upbeat earnings earlier, one session after Citigroup Inc (NYSE:C) did likewise and two sessions after Wells Fargo & Company (NYSE:WFC) beat expectations.

Financial stocks applauded the news, though concerns that momentum stock valuations have grown too high took their toll on social media and high-flying stock classes.

Fed Chair Janet Yellen told the Senate Banking Committee earlier that the U.S. economy continues to improve but added that the recovery is not yet complete. She said that considerable slack still remains in the labor market and wage growth remains weak.

Yellen reiterated that rates are likely to remain on hold for a considerable period after the bank's quantitative easing program ends, though her observation that small-cap, biotech and other momentum stock valuations appear "stretched" sent stocks falling, leaving investors to conclude that interest rates could rise sooner than later if the labor market improves.

Mixed U.S. data also allowed for a lackluster close.

The Commerce Department reported that U.S. retail sales rose just 0.2% in June, below forecasts for a 0.6% increase. Retail sales for May, however, were revised up to 0.5% from a previously reported 0.3%.

A separate report showed that manufacturing activity in New York state rose to a four-year high this month. The Empire state manufacturing index rose to 25.6 in July from 19.3 in June. Analysts had expected the index to decline to 17.0.

Leading Dow Jones Industrial Average performers included J P Morgan Chase & Co (NYSE:JPM), up 3.62%, Goldman Sachs Group Inc (NYSE:GS), up 1.30%, and AT&T Inc (NYSE:T), up 1.10%.

The Dow Jones Industrial Average's worst performers included Johnson & Johnson (NYSE:JNJ), down 2.02%, International Business Machines (NYSE:IBM), down 0.77%, and Walt Disney Company (NYSE:DIS), down 0.69%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.84%, France's CAC 40 fell 1.03%, while Germany's DAX fell 0.65%. Meanwhile, in the U.K. the FTSE 100 fell 0.53%.

On Wednesday, the U.S. is to release reports on producer price inflation and industrial production. Meanwhile, Fed Chair Janet Yellen is to testify on monetary policy before the House Financial Services Committee.

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FinMin mulls grandfathering debt MF investments this year

In terms of the grandfathering element for the existing investors it could be possible that the government may actually say it is fine to go ahead and pay just the 10 percent long-term capital gains tax as they did earlier and not the 20 percent

Increasing the long-term capital gains tax rate to 20% from April 1 this fiscal and extending the holding period for debt mutual fund investments to 3 years, is becoming a bone of contention between the fund industry and the ministry of finance.

Big corporate investors are now leaning on the finance ministry to make the changes effective from a prospective date. CNBC-TV18's Sapna Das tells us what is happening on the debt fund issue.

She says there has not been any view taken by the ministry or at the finance ministry level, all the issues are in discussions stages.

Also read: As FMPs sink, MFs request Sebi to seek relief from Jaitley  

However, the issue of grandfathering has been actually indicated by the finance ministry officials but the point remains as to what this arrangement is likely to be.

The period is one issue that definitely looked at, the period between April 1st and July 10, because the Budget was announced on July 10 itself.

In terms of the grandfathering element for the existing investors it could be possible that the government may actually say it is fine to go ahead and pay just the 10 percent long-term capital gains tax as they did earlier and not the 20 percent. And on that aspect it may be possible that their investments will continue to be treated as 12 months rather than the change in definition from 12 months to 36 months that is which is what the finance bill proposes.

The second element is that the investors who already redeemed the units, it is highly unlikely that the government would ask them pay the differential tax rate, which was changed from 10 to 20 percent.

The third element is a cause of concern because most of the investors in debt funds are big corporate investors with huge cash surplus and that effective tax rate after the indexation benefit is as low as around one percent. This will be a very conscious call that the finance minister and the finance ministry will have to take as to what exactly will be the grandfathering arrangement and if at all the grandfathering arrangement will apply to existing investors.

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Natural gas edges lower on forecasts for U.S. summertime cool snap

Natural gas edges lower on forecasts for U.S. summertime cool snap

Investing.com - Investing.com - Natural gas futures edged lower on Monday after updated weather-forecasting models predicted below-normal temperatures to sweep in from Canada into the Midwest this week and trek east.

On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.130 per million British thermal units during U.S. trading, down 0.40%. The commodity hit a session high of $4.172 and a low of $4.096.

The August contract settled down 0.63% on Friday to end at $4.146 per million British thermal units.

Natural gas futures were likely to find support at $4.096 per million British thermal units, the session low, and resistance at $4.356, the high from July 7.

A weather system similar to the Polar Vortex from last winter will bring below-normal temperatures to the U.S. Midwest and head east this week, which sent natural gas prices dipping on Monday.

Below-normal temperatures this time of year cut into demand for air conditioning, which curbs demand for natural gas.

Supply data from last week pressured prices as well, though bottom fishing prevented prices from plummeting and stabilized the commodity.

The U.S. Energy Information Administration said in its weekly report last Thursday that natural gas storage in the U.S. in the week ending July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.

The five-year average change for the week is an increase of 72 billion cubic feet.

Total U.S. natural gas storage stood at 2.022 trillion cubic feet. Stocks were 653 billion cubic feet less than last year at this time and 769 billion cubic feet below the five-year average of 2.791 trillion cubic feet for this time of year.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were down 0.22% at $100.61 a barrel, while heating oil for August delivery were up 0.14% at $2.8650 per gallon.

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Martin is surprise winner of women's British Open

(Reuters) - An eagle at the 18th hole gave American Mo Martin a surprise victory in the women's British Open at Royal Birkdale on Sunday.

It was not only her first major, but a first success in any event on the LPGA Tour.

Martin, from California, carded a par 72 in windy conditions on the final day to finish on one under-par 287, one stroke ahead of China's Shanshan Feng and Norway's Suzann Pettersen who both shot final round 75s.

Martin had one birdie and three bogeys to go with her winning eagle on the par-5 last hole.

South Korea's Park Inbee, the overnight leader, was fourth on one over par after a 77.

(Writing by Steve Tongue, Editing by Gene Cherry)

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Germany, Argentina name unchanged teams for final

UK-SOCCER-WORLD-M64-GER-ARG-TEAMS:Germany, Argentina name unchanged teams for final

RIO DE JANEIRO (Reuters) - Germany and Argentina named unchanged starting line-ups for the World Cup final at the Maracana stadium on Sunday.

Germany coach Joachim Loew kept faith with the team that hammered Brazil 7-1 on Tuesday, with 36-year-old Miroslav Klose, who set at a World Cup record by scoring his 16th goal in the semi-final, leading the attack.

The side is also the one which started the quarter-final against France, when Philipp Lahm was switched to right back from midfield.

Forward Sergio Aguero was left out of the Argentina team with coach Alejandro Sabella preferring Gonzalo Higuain as a lone striker.

Martin Demichelis will again partner Ezequiel Garay in the centre of defence with Lucas Biglia playing alongside Javier Mascherano in front of the back four.

(Reporting by Brian Homewood, editing by Ed Osmond)

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Budget 2014 'addressed almost all concerns': Finance Secy

The Union Budget of 2014-15 that was presented by Finance Minister Arun Jaitley was "growth-oriented" and addressed almost every concerns, Finance Secretary Arvind Mayaram said.

The Union Budget of 2014-15 that was presented by Finance Minister Arun Jaitley was "growth-oriented" and addressed almost every concerns, Finance Secretary Arvind Mayaram said.

Speaking at an event held by the Confederation of Indian Industry (CII), Mayaram said the Budget laid a special thrust on manufacturing, and pointed to various steps the FM had undertaken to boost the sector, such as addressing the inverted duty structure.

Under the inverted duty structure, several finished goods used to be charged lower input duty than the raw materials required to produce them, and the FM addressed it by lowering duties on several manufacturing inputs such as coal tar pitch, battery scrap, steel grade limestone, crude glycerin, etc.

Also read: Budget 2014 has brought clarity in tax policies: FinMin

"The Budget is clear on current account deficit, fiscal gap, inflation and growth," Mayaram said, adding that he was confident the government would contain the FY15 fiscal deficit at the 4.1 percent target outlined by the FM, a "daunting task" by his own admission.

The Budget also provided well for subsidies, Mayaram said, adding that he expects fuel subsidy to get lowered on account of the revisions in diesel price. The secretary further said that the full amount of food subsidy, outlined in the Budget at Rs 1.15 lakh crore, may not be required in FY15.

"Several measures were also taken for capital markets," he said. "Banks can raise long-term bonds without [restrictions on] SLR, CRR. Several contentious areas on FDI in some sectors were addressed."

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Triple bonanza for taxpayers in Budget 2014

For those reeling under the strain of rising inflation, higher rail and fuel prices, Finance Minister Arun Jaitley was unexpectedly kind this year.

For those reeling under the strain of rising inflation, higher rail and fuel prices, Finance Minister Arun Jaitley was unexpectedly kind this year.

At the Union Budget he presented on July 10, Jaitley increased personal income tax exemption limit by Rs 50,000, from Rs 2 lakh to R2.5 lakh in case of individual taxpayers who are below the age of 60 years.

While the income tax exemption was raised, tax slab was left unchanged.

For senior citizens, the exemption limit was raised from Rs 2.5 lakh to Rs 3 lakh.

Not just that, the investment limit under Section 80C was raised by Rs 50,000 to Rs 1.5 lakh in options like PPF, ELSS and small-savings instruments.

Also read: Budget 2014 has brought clarity in tax policies: FinMin

The deduction limit of interest on loan of self-occupied residential property was also hiked to Rs 2 lakhs from earlier Rs 1.5 lakh.

Taken together, the three changes could go up to nearly Rs 39,000 for those in the top income bracket.

But it's not all good news, Jaitley took awa the comparative tax advantage enjoyed by debt mutual fund schemes over traditional fixed-income products by hiking the long-term capital gains tax from 10 percent to 20 percent on transfer of mutual fund units.

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