rst

Bharat’s fi

ECO

by Kshitij.com
 RAGHAV
The Raghu of the
morning is HIMSELF
the Raghav of the
day. He is the young
CFO-Treasurer of
his company. His core
discipline remains
the same as he
navigates the VUCA
world of the
markets. He knows
his marbles, and all
the numbers and the
charts. He has been
RAGHU there, done that. His
job is to manage the
Raghu is you and I. FX Risk for his
He is into fitness, company and he
into taking care of does it well.
his body And his "Raghav. Naam toh
mind, So that he suna hoga?"
can tackle the
markets well
during the day.
Gymming, jogging
and eating right
are his mantras
for living bright.
 BIG THANK YOU!
Many of our esteemed clients practice fitness in their daily lives and at the same time manage their forex
risk with aplomb. A big shout out to three of them in particular for sharing their thoughts and experience
on fitness and forex amongst the following pages. Perhaps you will relate well with their accounts.

Shri Manoj Agarwal Shri Pramod Shrivastava

Chairman cum Managing Director, Shri Ghanshyam Maskara CFO, Agarwal Coal Corporation,
Kanpur Plastipack Ltd, Kanpur Shyam Group, Bengaluru Indore
THE GREAT CENTRALITY

Imports/
KaamA
EXPORTS

COSTING

Artha

DHARMA

MOKSHA VOLATILITY
PROFITS

S M T W T F S Note: Dharma – Artha – Kaama –

Moksha are the four “purusharthas”
or duties to be pursued in life, as
AU, JP, CH, CN, JP, CN PMI (JP,CN) US Trade Bal EU Retail Sales
1 2 UK, US, CA 3 PMI (AU, CH, 4 IN Svcs PMI 5 US ADP Emp 6 US NFP 7 per Indian philosophy.

PMI (IN,EU) UK, CA) CH CPI US Unemp

US ISM US Avg Hrly Earn
CA Lab Force

JP
8 9 EU Unemp 10 11 12 AU Trade Bal
IN IIP 13 INUKTrade Bal
Trade Bal 14
IN CPI EU Ind Prodn,
US CPI EU Trade Bal

15 16 US
IN WPI 17 UK Unemp
CA CPI 18 BOJ Mtg
UK CPI, EU CPI 19 AU Lab Force
EU GDP 20 JPUKCPI
Cons Conf 21
US Ind Prodn US Philli Fed US Ex Home

JAN
US Cap Util, US PPI US Hsg Starts Sales
US Retail Sales
US TIC

22 23 CN 24 CN 25 CN
AU CPI 26 AU, CN, IN
US Dur Goods 27 CN
AU PPI 28
GER IFO US GDP US Pers. Inc.
BOC Mtg US New Home Sales US PCE

29 30 EU Biz Climate 31 JPUSUnemp

Cons Conf
Colour Codes and Conventions
© Kshitij Consultancy Services
US NFP etc Confirmed data release date
US Case Schiller CH CPI etc Estimated data release date
CA GDP IN, AU etc Holidays in India, Australia etc
ECB Mtg etc Central Bank Meetings

26 Republic Day © Kshitij Consultancy Services

 THOU SHALT BE TESTED...

S M T W T F S
1 PMI (AU, JP, CN, IN, 2 BOE Mtg 3 IN Svcs PMI 4
CH, UK, EU, CA) BOE Mins US NFP
EU Unemp, US ISM, ECB Mtg US Unemp
FOMC Mtg US Avg Hrly Earn
US ADP Emp

5 6 EU Retail Sales 7 AU Trade Bal

RBA Mtg 8 RBI Mtg
9 10 INUKIIPTrade Bal 11
US Trade Bal CA Lab Force

12 13 INCHCPI
CPI 14 JPIN Trade
GDP
Bal 15 UK CPI
EU Ind Prodn 16 AU Lab Force
US PPI 17 18

FEB
IN WPI EU Trade Bal US Philli Fed IN
UK Unemp US Ind Prodn US Hsg Starts
EU GDP US Cap Util,
US CPI US Retail Sales, US TIC

19 20 US 21 US Ex Home Sales
CA CPI 22 GER IFO 23 JPEU CPI 24 JPUKCPI
Cons Conf 25
IN US GDP US Pers. Inc.
US PCE
US New Home Sales

26 27 EU Biz Climate
US Dur Goods 28 INCHGDP
GDP
Colour Codes and Conventions
US NFP etc Confirmed data release date
US Cons Conf CH CPI etc Estimated data release date
US Case Schiller IN, AU etc Holidays in India, Australia etc
CA GDP ECB Mtg etc Central Bank Meetings

18 Mahashivratri 19 Shivaji Jayanti © Kshitij Consultancy Services

 ...AND RIDICULED

S M T W T F S
PMI (AU JP, CN, IN, EU Unemp IN Svcs PMI
Colour Codes and Conventions
US NFP etc Confirmed data release date
1 CH, UK, EU CA) 2 3 JP Unemp 4
CH CPI etc Estimated data release date AU GDP
IN, AU etc Holidays in India, Australia etc US ISM
ECB Mtg etc Central Bank Meetings

CH CPI IN JP GDP
5 6 EU Retail Sales 7 AU Trade Bal 8 EU GDP
US Trade Bal 9 10 BOJ Mtg
IN IIP, 11
RBA Mtg US ADP Emp UK Trade Bal
BOC Mtg US NFP, US Unemp
US Avg Hrly Earn
CA Lab Force

12 13 IN CPI 14 InIN Trade Bal

15 EU Ind Prodn AU Lab Force
16 ECB 17 EU CPI
18

MAR
WPI US PPI Mtg US Ind Prodn
UK Unemp US Retail Sales US Philli Fed US Cap Util
US Summer US CPI US TIC US Hsg Starts
Time begins

19 20 EU Trade Bal 21 JPUS Ex Home Sales 22 INUK CPI 23 SNB Mtg

BOE Mtg 24 JPUKCPI
Cons Conf 25
CA CPI FOMC Mtg BOE Mins US Dur Goods
US Curr Acct
US New Home Sales

26 27 GER IFO 28 US Cons Conf

US Case Schiller 29 30 INEU Biz Climate 31 JPUKUnemp
GDP
US GDP EU Unemp
US Pers. Inc.
US PCE
CA GDP
7 Holi 22 Gudi Padva 30 Ram Navmi © Kshitij Consultancy Services
A LEADER ON THE An organisation is run by leaders whose responsibility is to keep themselves fit
and healthy. They owe it to the people who work for them and most importantly to
TENNIS COURT AND IN the health of the entire organisation itself. Much depends on the leader’s ability
to remain alert and be alive to each event in the day as it unfolds. Each aspect of
THE FOREX MARKET decision making and the process behind is governed by a systematic approach to
information and feedback.

So, if I play tennis and I need to block a ball at the net, my instant reaction and
body movement has to be coupled with my eyes’ and brain’s ability to judge the
ball mostly in a fraction of a second and synchronise the signals sent by them to
the hand holding the racquet. There will be winners and then there will be points
lost as well. But you can win a set only if the winners are more than the losers.

Managing forex risk is no different. Being alert and alive to the foreign exchange
market and reading its finer nuances is like asking your body to remain fit. Take
the nutrients and medicines required when you fall sick. Read the forex market
and follow what indicators it gives. You don’t survive in life on hunches and you
don’t beat the forex market working on hunches either.

In fact, as I write this, I find this to be a very interesting simili. To say that the
behaviour of the forex market is wayward would be an understatement as many
recent developments have shown. Not too different from the complexities of a
human body. For each Raju Srivastav there will still be a Lehman Brothers and
hopefully not a Credit Suisse. But as the old cliché goes, “Better safe than never".

Shri Manoj Agarwal

Chairman cum Managing Director,
Kanpur Plastipack Ltd, Kanpur
 BEAUTY IN SIMPLICITY

S M T W T F S
30 Colour Codes and Conventions
US NFP etc Confirmed data release date
1
CH CPI etc Estimated data release date
IN, AU etc Holidays in India, Australia etc
ECB Mtg etc Central Bank Meetings

CN CN, IN CN AU Trade Bal AU, IN, CH, UK, EU,

2 3 PMI (AU,JP,CN, 4 RBA Mtg 5 IN Svcs PMI 6 CA Lab Force 7 US, CA 8
IN,CH,UK,EU,CA) US Trade Bal US NFP
JP Tankan US ADP Emp US Unemp
CH CPI US Avg Hrly Earn
US ISM
AU Lab Force
9 10 AU, CH, UK, EU 11 EU Retail Sales 12 IN IIP
13 14 INUS Ind Prodn 15

APR
IN CPI In Trade Bal
US CPI UK Trade Bal US Cap Util
BOC Mtg EU Ind Prodn US Retail Sales
US PPI

16 17 INUSWPI
TIC 18 UK Unemp
EU Trade Bal 19 UK CPI
EU CPI 20 EU GDP
US Philli Fed 21 JPUKCPI
Cons Conf 22
US Hsg Starts US Ex Home Sales IN
CA CPI

EU Biz Climate
23 24 GER IFO 25 AU
US New Home Sales 26
AU CPI
US Dur Goods 27 US GDP 28 AU PPI
BOJ Mtg 29
US Cons Conf JP Unemp
US Case Schiller US Pers. Inc.
US PCE
CA GDP
04 Mahavir Jayanti 07 Good Friday 14 Ambedkar Jayanti 22 Ramzan / Eid Ul Fitr © Kshitij Consultancy Services
GET THE FUNDA RIGHT

S M T W T F S
CN, IN, CH, UK, EU CN JP, CN JP JP, IN
1 PMI (AU, JP) 2 RBA Mtg 3 EU Unemp 4 AU Trade Bal 5 CH CPI 6
US ISM PMI (IN, CH, UK, EU, FOMC Mtg IN Svcs PMI EU Retail Sales
CA) US ADP Emp ECB Mtg US NFP, US Unemp
US Trade Bal US Avg Hrly Earn
CN PMI CA Lab Force

7 8 UK
9 10 US CPI 11 UK Trade Bal
BOE Mtg 12 ININ IIP
CPI 13
BOE Mins
US PPI

14 15 ININ Trade Bal

16 UK Unemp
17 EU CPI
18 CH, EU
19 JPUKCPI 20

MAY
WPI EU GDP US Hsg Starts AU Lab Force Cons Conf
EU Ind Prodn EU Trade Bal US Philli Fed
US TIC US Ind Prodn US Ex Home Sales
US Cap Util,
US Retail Sales, CA CPI

21 22 CA 23 US New Home Sales 24 UK CPI

GER IFO 25 US GDP 26 US Pers. Inc.
US PCE 27
US Dur Goods

28 29 CH, UK, EU, US 30 CH GDP

EU Biz Climate 31 JPIN GDP
Unemp Colour Codes and Conventions
US NFP etc Confirmed data release date
US Cons Conf US ADP Emp CH CPI etc Estimated data release date
US Case Schiller CA GDP IN, AU etc Holidays in India, Australia etc
ECB Mtg etc Central Bank Meetings

01 May Day 05 Buddha Purnima © Kshitij Consultancy Services

 STEP BY STEP BY STEP

S M T W T F S Note: 8% monthly hedge is an

integral part of the KSHITIJ
Hedging Method.
PMI (AU, JP, CN, IN, US NFP
Colour Codes and Conventions
US NFP etc Confirmed data release date
1 CH, UK, EU,CA) 2 US Unemp 3
CH CPI etc Estimated data release date EU Unemp US Avg Hrly Earn
IN, AU etc Holidays in India, Australia etc US ISM
ECB Mtg etc Central Bank Meetings

IN Svcs PMI RBA Mtg AU GDP AU Trade Bal CA Lab Force

4 5 CH CPI 6 EU Retail Sales 7 US Trade Bal 8 JP GDP 9 10
BOC Mtg EU GDP

11 12 AU
IN IIP 13 UK Unemp
US CPI 14 InIN Trade
WPI
Bal
15 AU Lab Force
ECB Mtg 16 BOJ Mtg
EU CPI 17
IN CPI UK Trade Bal EU Trade Bal,

JUN
EU Ind Prodn US Ind Prodn, US Cap Util
US PPI US Retail Sales
FOMC Mtg US Philli Fed, US TIC

18 19 US 20 US Hsg Starts 21 UK CPI 22 CN

SNB Mtg 23 CN
JP CPI 24
BOE Mtg UK Cons Conf
BOE Mins
US Curr Acct
US Ex Home Sales

25 26 GER IFO 27 US Dur Goods

US New Home Sales 28
IN
29 EU Biz Climate
US GDP 30 JPUKUnemp
GDP
US Cons Conf EU Unemp
US Case Schiller US Pers. Inc.
CA CPI US PCE
CA GDP
28 Bakri Id / Id Ul Zoha © Kshitij Consultancy Services
PEHLA DHAN We all have heard it but only a few of us have fully incorporated it in our lives that “Pehla
dhan nirogi kaya”. In reality this is only medium to enjoy any other “Dhan” in our life, be it

NIROGI KAYA happiness, wealth or fame. Similarly we have often been disturbed in business due to the
uncertainty and volatility in FX while in reality it is the lack of discipline in risk
management that disturbs us and not the volatility.

I cannot remember being worried really about FX since 2009 when we incorporated our
Risk Management Policy except for the times that we have deviated from the policy. This
is where handholding is needed to avoid personal interventions on a transactional basis.

Anything that you invest your time in will certainly reap results. With experience we see
that even a lower work load yields higher results but initially we need to start small. A
measured or target oriented approach always gives us better learnings and awareness of
our short comings.

Fitness and risk management are both an addiction and if managed well they are good
addictions. Like fitness is not just about physical fitness but health of your mental space
as well, FX Risk Management also has to be holistic in terms of tools used.

Last laps are where races are decided but to be able to run the fastest there and to enjoy
it as well, we need to first sweat it out in practice. In the same way, forex can also be your
last lap for bottom line profits in a thin margin/ high volume business.

Discipline is infectious in a positive sense and its benefit permeates from one sphere of
life to another. So is risk management. A sound Risk Management Policy can lead to a
more disciplined financial management approach across different aspects of business,
such as risk, credit, etc.

Finally, like having a trainer is advisable for fitness so also is the case for FX risk
management, as the small nuances and disciplines in process that the risk managers
bring in, change the entire spectrum of results.

Shri Ghanshyam Maskara

Shyam Group, Bengaluru
 DON’T OVERDO EVENING AT THE CLUB

S M T W T F S
30 31 Colour Codes and Conventions
US NFP etc Confirmed data release date
1
CH CPI etc Estimated data release date
IN, AU etc Holidays in India, Australia etc
ECB Mtg etc Central Bank Meetings

CA US IN Svcs PMI AU Trade Bal US NFP

2 3 PMI (AU,JP,CN,IN, 4 RBA Mtg 5 US ADP Emp 6 EU Retail Sales 7 US Unemp 8
CH,UK,EU,CA) US Trade Bal US Avg Hrly Earn
JP Tankan CA Lab Force
CH CPI
US ISM
AU Lab Force
9 10 11 UK Unemp 12 ININ IIP
CPI 13 UK Tradel Cal 14 InIN Trade
WPI
Bal
15

JUL
US CPI EU Ind Prodn EU Trade Bal
BOC Mtg US PPI

16 17 JP 18 US Ind Prodn
US Cap Util 19 UK CPI
EU CPI 20 EU GDP
US Philli Fed 21 JPUKCPI
Cons Conf 22
US Retail Sales US Hsg Starts US Ex Home Sales
US TIC
CA CPI

23 24 25 GER IFO
US Cons Conf 26 AU CPI
FOMC Mtg 27 ECB Mtg
US Dur Goods 28 AU PPI
BOJ Mtg 29
US Case Schiller US New Home Sales US GDP JP Unemp IN
EU Biz Climate
US Pers. Inc.
US PCE, CA GDP
29 Moharram © Kshitij Consultancy Services
SLOW AND STEADY

S M T W T F S
CH CH PMI AU Trade Bal EU Retail Sales
1 PMI (AU,JP,CN,IN, 2 US ADP Emp 3 IN Svcs PMI 4 US NFP 5
UK,EU,CA) CH CPI US Unemp
RBA Mtg BOE Mtg US Avg Hrly Earn
EU Unemp BOE Mins CA Lab Force
US ISM

6 7 AU, CA
8 US Trade Bal
9 10 US CPI 11 JPIN IIP 12
UK Trade Bal
US PPI

13 14 ININ Trade Bal

15 JPIN GDP 16 INUK CPI, EU GDP 17 AU Lab Force
18 JPUKCPI 19

AUG
WPI EU Trade Bal Cons Conf
IN CPI UK Unemp EU Ind Prodn US Philli Fed EU CPI
US Retail Sales US Ind Prodn
US TIC US Cap Util
CA CPI US Hsg Starts

20 21 22 US Ex Home Sales
23 US New Home Sales 24 US Dur Goods 25 GER IFO 26

27 28 UK 29 US Cons Conf
US Case Schiller 30 EU Biz Climate
US GDP 31 JPIN GDP
Unemp Colour Codes and Conventions
US NFP etc Confirmed data release date
US ADP Emp EU Unemp CH CPI etc Estimated data release date
US Pers. Inc. IN, AU etc Holidays in India, Australia etc
US PCE ECB Mtg etc Central Bank Meetings

15 Independence Day 16 Parsee New Year © Kshitij Consultancy Services

 MEASURE AFTER MEASURE

S M T W T F S
PMI (AU,JP,CN,
Colour Codes and Conventions
US NFP etc Confirmed data release date
1 IN,CH,UK,EU,CA) 2
CH CPI etc Estimated data release date CH CPI, US ISM
IN, AU etc Holidays in India, Australia etc US NFP, US Unemp
ECB Mtg etc Central Bank Meetings US Avg Hrly Earn
CA GDP
US, CA RBA Mtg AU GDP AU Trade Bal JP GDP
3 4 CH GDP 5 IN Svcs PMI 6 EU Retail Sales 7 EU GDP 8 CA Lab Force 9
US Trade Bal
BOC Mtg

10 11 12 ININ IIP
CPI 13 UK Trade Bal
EU Ind Prodn 14 AU Lab Force
In Trade Bal 15 EU Trade Bal
US Ind Prodn 16

SEP
UK Unemp US CPI IN WPI US Cap Util
ECB Mtg
US PPI
US Retail Sales

17 18 JPUS TIC 19 INEU CPI 20 UK CPI

FOMC Mtg 21 SNB Mtg
BOE Mtg 22 BOJ Mtg
JP CPI 23
US Hsg Starts BOE Mins UK Cons Conf
CA CPI US Philli Fed
US Curr Acct
US Ex Home Sales
IN
24 25 GER IFO 26 US New Home Sales
US Cons Conf 27 US Dur Goods 28 EU Biz Climate 29 CN
JP Unemp 30
US Case Schiller US GDP UK GDP
US Pers. Inc.
US PCE, CA GDP
CN PMI
19 Ganesh Chaturthi 28 Eid-e-Milad © Kshitij Consultancy Services
START NOW FOR LONG-TERM BENEFIT
Discipline, Patience, Eyes on the long-term
Discipline is a must for both fitness and forex risk management.
We must have patience to keep following the policy.
We might see some initial immediate results in a weight loss
programme but that might taper off after 3 months. This is the
time people get de-motivated. However, we need to stay the
course. We cannot leave the programme if the results do not
seem to be coming in the near term. We should see long term
not short term.
My idea of fitness
When we start off on fitness, we need to have our own
targets like either weight loss or having a lean body. My own
idea of fitness is that you should be healthy – should be able
to work on your own, should be able to eat anything and
enjoy life with stamina and full mental health.
Work now to be fit later
When we go for morning walks, we see many 60+ people
who are walking because they might be having diseases. I
strongly feel that you should be pursuing fitness on the
basis of your own belief, not because your doctor ordered
you to. My idea is start on fitness today so that you do not
have diseases at 60.
In the same manner, a young company with a small
exposure may apparently not need FX risk management,
while a large company definitely needs FX discipline. You
see, today I have an exposure of $700 million or ₹6000 cr. A
5% plus/ minus change in the Dollar-Rupee rate changes my
P/L by ₹300 cr! However, in order to manage FX risk
properly when you are large, you have to start building your
FX culture early when the company is young.
Developing a forex policy
So many companies get wiped out due to wrong FX
policies. They should have developed their forex policies.
Proper systems and delegation of authority have to be there.
Our Chairman, Shri Vinod Agarwal, always wanted to build a
healthy company. He wanted to build a 100 year company.
So, we have proper systems in place and although he likes
to stay informed of forex developments, he does not get
into daily decisions.
I have to have the clear understanding that my fitness effort today is
going to pay off at 60+. Conversely, young age indiscipline will leave
you with no strength at 60+. Then you will only fight diseases. In the
same way, you cannot wait to make your FX SOPs when you reach an
exposure level of ₹7000 cr. You cannot suddenly start weight lifting
at age 60.
As a company we have actually built systems over the years.
Experiments were done when we were young. Profits and losses that
were incurred then were analyzed at that time.
In fitness, or even in forex, you can have many advisors. How do
you choose?
You have to know your goal, your limitations, your company culture –
you need to know all this; then only you can choose your advisors
correctly. You see, not all fitness regimes are fit for everyone. In the
same way, a forex advisor is not wrong. You just have to see if he is
suitable for you.
Talking about Kshitij Consultancy Services, you have never given us
any “oot patang” call. You always weigh the factor on both sides. You
are not one sided. I like that because I do not want to go with one
sided calls. I always want to know whether I can withstand the worst
in case the market goes against me. I cannot afford to make
emotional calls. In the same way, you cannot start doing extra
workouts on being praised for looking good.
Important and integral, but cannot overshadow
To put things into perspective, you cannot make FX your whole
business and for most normal people you cannot make fitness your
whole life. Fitness does not mean you cannot carry on social life. You
cannot be fanatical. In forex also, you cannot go to any extremes.
You have to talk to your own team, to your bankers, and to your
advisors to arrive at a balanced decision. We have to remember that
while both are important and integral to business and to life, they
cannot overshadow business or life.
Shri Pramod Shrivastava
CFO, Agarwal Coal Corporation,
Indore
 NO ENTRY FOR
WRONG IDEAS

S M T W T F S
1 2 AU, CN, IN, CA
PMI (JP, CH, UK, EU, 3 CN, EU
RBA Mtg 4 CN
EU Retail Sales 5 CN
AU Trade Bal 6 CN
US NFP 7
CA), AU PMI US ADP Emp IN Svcs PMI US Unemp
JP Tankan IN Manf PMI US Trade Bal US Avg Hrly Earn
EU Unemp CH CPI CA Lab Force
US ISM
IN IIP
8 9 US, JP, CA 10 11 US PPI 12 IN CPI 13 In Trade Bal
EU Ind Prodn 14
UK Trade Bal
US CPI

16 INEUWPI 17 UK Unemp 18 UK CPI 19 AU Lab Force 20 JP CPI 21

15

OCT
Trade Bal US Ind Prodn EU CPI EU GDP UK Cons Conf
US Cap Util US Hsg Starts US Philli Fed
US Retail Sales US Ex Home Sales
US TIC
CA CPI
ECB Mtg AU PPI
22 23 24 IN 25 AU CPI
GER IFO
26 US Dur Goods 27 US Pers. Inc. 28
US New Home Sales US GDP US PCE
BOC Mtg

29 30 EU Biz Climate 31 BOJ Mtg

JP Unemp
Colour Codes and Conventions
US NFP etc Confirmed data release date
US Cons Conf CH CPI etc Estimated data release date
US Case Schiller IN, AU etc Holidays in India, Australia etc
CA GDP ECB Mtg etc Central Bank Meetings

02 Gandhi Jayanti 24 Dussehra © Kshitij Consultancy Services

MAY THE TRIBE INCREASE

S M T W T F S
EU AU Trade Bal JP
1 PMI (AU, JP, CN, IN, 2 CH CPI 3 IN Svcs PMI 4
CH, UK, CA) BOE Mtg EU Unemp
US ISM BOE Mins US NFP, US Unemp
FOMC Mtg EU PMI US Avg Hrly Earn
US ADP Emp CA Lab Force

5 6 7 RBA Mtg
US Trade Bal 8 EU Retail Sales
9 10 ININ IIP
CPI 11
UK Trade Bal
US Winter
Time begins

AU Lab Force
12 13 14 INIn Trade Bal 15 JPUKGDP 16 17 JPUKCPI 18

NOV
CPI US Ind Prodn Cons Conf
IN IN WPI EU Ind Prodn US Cap Util EU CPI
UK Unemp EU Trade Bal US Philli Fed US Hsg Starts
EU GDP US PPI US TIC
US CPI US Retail Sales

19 20 21 US Ex Home Sales
CA CPI 22 US Dur Goods 23 US, JP
24 GER IFO 25

26 27 INUS New Home Sales 28 US Cons Conf

US Case 29 EU Biz Climate
US GDP 30 JPIN GDP
Unemp Colour Codes and Conventions
US NFP etc Confirmed data release date
Schiller EU Unemp CH CPI etc Estimated data release date
US Pers. Inc. IN, AU etc Holidays in India, Australia etc
US PCE ECB Mtg etc Central Bank Meetings
CA GDP
12 Diwali Amavasya 14 Diwali Balipratipada 27 Guru Nanak Jayanti © Kshitij Consultancy Services
 EVERYONE NEEDS HELP

S M T W T F S
PMI (AU JP, CN, IN,
31 Colour Codes and Conventions
US NFP etc Confirmed data release date
1 CH, UK, EU, CA) 2
CH CPI etc Estimated data release date CH GDP
IN, AU etc Holidays in India, Australia etc US ISM
ECB Mtg etc Central Bank Meetings CA Lab Force

CH CPI RBA Mtg AU GDP AU Trade Bal JP GDP

3 4 5 IN Svcs PMI 6 EU Retail Sales 7 EU GDP 8 US NFP 9
US Trade Bal US Unemp
US ADP Emp US Avg Hrly Earn
BOC Mtg

AU Lab Force
10 11 UK Trade Bal 12 JPIN IIP
Tankan
13 EU Ind Prodn
14 15 EU Trade Bal
16

DEC
US PPI In Trade Bal US Ind Prodn
IN CPI FOMC Mtg IN WPI US Cap Util
UK Unemp SNB Mtg, BOE Mtg, US TIC
US CPI BOE Mins, ECB Mtg,
US Retail Sales
UK CPI US Philli Fed JP CPI, UK GDP
17 18 GER IFO 19 BOJ Mtg
EU CPI 20 US Curr Acct 21 US GDP 22 UK Cons Conf 23
US Hsg Starts US Ex Home Sales US Pers. Inc.,
US Cons Conf US PCE, US Dur Goods,
US Case Schiller US New Home Sales
CA CPI CA GDP

24 25 AU, IN, CH, UK, EU,

US, CA 26 AU, CH, UK, EU, CA 27 28 EU Biz Climate 29 JP Unemp 30

25 Christmas © Kshitij Consultancy Services

 In the VUCA (volatile, uncertain, complex, ambiguous) world of Forex...

... fitness and a good forex policy give you peace of mind

S M T W T F S
AU, JP, CN, CH, UK, EU, JP, CH, CN JP, CN JP PMI AU Trade Bal,
1 US, CA 2 PMI (AU, CN, UK, EU, 3 CH PMI 4 5 EU Retail Sales 6
IN Manf PMI CA) IN Svcs PMI US NFP, US Unemp
EU Unemp US Avg Hrly Earn
US ISM US Trade Bal
US ADP Emp CA Lab Force

7 8 JP
CH CPI 9 10 11 UK Unemp 12 ININ IIP
CPI 13
UK Trade Bal
US CPI

UK CPI
14 15 US 16 INEUWPI 17 18 AU Lab Force
19 JPUKCPI 20

JAN
In Trade Bal Trade Bal EU GDP EU CPI Cons Conf
EU Ind Prodn US TIC US PPI US Philli Fed US Ex Home Sales
US Ind Prodn CA CPI US Retail Sales US Hsg Starts
US Cap Util

21 22 23 24 AU CPI 25 GER IFO

US GDP 26 AU, IN
AU PPI 27
US Pers. Inc.
US PCE
US Dur Goods
BOC Mtg

28 29 BOJ Mtg 30 EU Biz Climate

US Cons Conf 31 JP Unemp
CA GDP
Colour Codes and Conventions
US NFP etc Confirmed data release date
US Case Schiller CH CPI etc Estimated data release date
IN, AU etc Holidays in India, Australia etc
ECB Mtg etc Central Bank Meetings

26 Republic Day © Kshitij Consultancy Services

BEING FOREX FIT FOR OUR CLIENTS
Fourteen years ago, when my daughter was born, I suddenly
got worried. “Will I be able to stay up late into the night and
be fully energetic at her wedding?” The mirror said, “Not if
you remain like this.” So, there was this huge non-negotiable
goal to be fit for my daughter’s wedding that got me started
on my fitness journey. Similarly, it is usually after a loss or a
realisation that something is not right that we start taking
forex risk management seriously.
Everything was wrong in my fitness. I could not even walk
half a kilometre properly, leave alone jog. My belly made me
look awful with my short height. Sure enough, in the
beginning, almost everything seems to be wrong on the
forex front as well.
Reducing my dinner intake, drinking more water and an
early morning yoga routine helped me tackle some of the
common stress related health issues that many of us face. In
forex also, the simplest of measures can give the most
durable and long lasting results. Like hedging for a fixed
date instead of for an option delivery period.
Then, of course my wife and I started walking and exercising
and then jogging, besides trying to eat right. It was painful in
the beginning. I could not imagine jogging 0.5 km, but I got
inspired by the fitness level of many of our clients. I enrolled
with an online fitness App, joined a health-related
WhatsApp group. All of this helped. You can’t do it alone.
However, the biggest boost my wife and I got was during
Covid, when our son and daughter were at home. They used
to lead us through regular workouts through those two
years. That is when we really got into some decent shape. In
the same way, in forex risk management also, we need all
the help we can get.
We like to see ourselves as an integral part of our Clients’ forex
team and aim to make our clients perform better at forex. Being
advisor to both importers and exporters, we have to reduce
losses for both and we have to give them something they all
need but are not getting from anyone else in the market. That is
why we lay so much emphasis on producing reliable
hard-number forecasts for each month for the next 12 months
and have come up with the KSHITIJ Hedging Method.
Our greatest improvement came when we started to track our
performance, both in our forecasts and in our hedging
recommendations. Today we are the only forex advisor with a 16+
year track record for both. This documented experience enables
us to bring several advantages and benefits to our clients.
Measurement is supremely important.
Working from first principles, using common sense business
logic, not being afraid of being wrong, following processes
religiously, and trying to be relevant to our clients is what we try
to work at in KSHITIJ.
Lastly, we have to thank our clients because many of our
improvements have been due of their suggestions. Our clients
have challenged us with their expectations. We can only hope
that we have come good.
Vikram Murarka
Chief Currency Strategist,
Kshitij Consultancy Services,
Kolkata
 BANK HOLIDAYS FOR 2023
USA AUSTRALIA INDIA
l New Year 02-Jan ** l New Year 02-Jan ** l Republic Day 26-Jan
l Martin Luther's Birthday 16-Jan l Australia Day 26-Jan l Mahashivratri 18-Feb
l Washington's Birthday 20-Feb l Good Friday 07-Apr l Shivaji Jayanti 19-Feb
l Good Friday 07-Apr l Easter Monday 10-Apr l Holi 07-Mar
l Memorial Day 29-May l Anzac Day 25-Apr l Gudi Padwa 22-Mar
l Juneteenth National 19-Jun l Kings's Birthday 12-Jun l Ram Navami 30-Mar
Indpendence Day l August Bank Holiday 07-Aug l Mahavir Jayanti 04-Apr
l Independence Day 04-Jul l Labour Day 02-Oct l Good Friday 07-Apr
l Labour Day 04-Sep l Christmas 25-Dec l Ambedkar Jayanti 14-Apr
l Columbus Day 09-Oct l Boxing Day 26-Dec l Ramzan / Eid-ul-Fitr 22-Apr
Veterans Day 11-Nov May Day 01-May
CANADA
l l
l Thanksgiving 23-Nov l Buddha Purnima 05-May
l Christmas 25-Dec l New Year 02-Jan ** l Eid-ul-Zoha / Bakri Id 28-Jun
Good Friday 07-Apr Moharram 29-Jul
SWITZERLAND
l l
l Victoria Day 22-May l Independence Day 15-Aug
l Canada Day 03-Jul l Parsee New Year 16-Aug
l New Year 01-Jan l Civic Holiday 07-Aug l Ganesh Chaturthi 19-Sep
l Berchtoldstag Day 02-Jan l Labour day 04-Sep l Eid-e-Milad 28-Sep
l Good Friday 07-Apr National Day for Truth Gandhi Jayanti 02-Oct
Easter Monday 10-Apr
l
and Reconciliation 02-Oct l
l
l Dussehra 24-Oct
l Labour Day 01-May l Thanksgiving 09-Oct l Diwali Amavasya 12-Nov
l Ascension Day 18-May l Rememberance Day 11-Nov l Diwali Balipratipada 14-Nov
l Whit Monday 29-May l Christmas 25-Dec Guru Nanak Jayanti 27-Nov
01-Aug
l
l National Holiday l Boxing Day 26-Dec Christmas 25-Dec
25-Dec
l
l Christmas
l St. Stephen's Day 26-Dec EUROPE
New Year 01-Jan CHINA
JAPAN l
l Good Friday 07-Apr l New Year 01 to 03-Jan
l New Year 01 to 03-Jan l Easter Monday 10-Apr l Spring Festival 21 to 27-Jan
l Coming of Age Day 09-Jan l Labour Day 01-May l Tomb Sweeping Day 03 to 05-Apr
l National Foundation Day 11-Feb l Ascension 18-May l Labour Day 01 to 03-May
l Emperor’s Birthday 23-Feb l Whit Monday 29-May l Dragon Boat Festival 22 to 24-Jun
l Vernal Equinox 21-Mar l Day of German Unity 03-Oct l Mid Autumn Festival 29-Sep
l Showa Day 29-Apr l All Saint’s Day 01-Nov l National Day Holidays 01 to 06-Oct
l Constitution Day 03-May l Christmas 25-Dec
l Greenery Day 04-May l Boxing Day 26-Dec
Children’s Day 05-May
UNITED KINGDOM
l
l Marine Day 17-Jul ** Substitute Holidays, given when
l Mountain Day 11-Aug l New Year 02-Jan ** the actual holiday falls on a weekend
l Respect for the Aged Day 18-Sep l Good Friday 07-Apr
l Autumn Equinox 23-Sep l Easter Monday 10-Apr
l Sports Day 09-Oct l Early May Bank Holiday 01-May
l Culture Day 03-Nov l Coronation of King Charles III 08-May
l Labour Thanksgiving Day 23-Nov l Spring Bank Holiday 29-May
l New Year’s Eve 31-Dec l Summer Bank Holiday 28-Aug
l Christmas 25-Dec
l Boxing Day 26-Dec © Kshitij Consultancy Services

Country Abbreviation Index: US USA AU Australia UK United Kingdom EU Europe JP Japan

CH Switzerland CA Canada
Notes:
Some of the holidays, especially Indian religious and lunar
holidays, have been estimated based on past trends and
information derived from various public source websites.
IN India CN China
We have had to do this since the RBI declares holidays The US currency market is technically open on Good
only in January. Lunar holidays could be subject to Friday, but the volumes are usually low. The NYSE is
revision of about 1-2 days on either side. closed on that day.
 COPYRIGHT
Vikram Murarka is the first adopter and proprietor
of the service / trade marks “Kshitij Consultancy
Services” (since 1996), “kshitij.com” (since 1998)
and “KSHITIJ.COM” logo (since 1998).
The Kshitij Economic Calendar is an original work
of Kshitij Consultancy Services, proprietor Vikram
Murarka, who asserts his moral right as the author.
Copyright 2023 held by Vikram Murarka. All rights
reserved. No part of this publication may be
copied, stored, transmitted, re-distributed or
re-circulated without prior permission in writing of
the author.
All trade marks and copyrights as stated in “Data
Sources”, acknowledged.
Calendar conceptualised and designed by: CHROMATICK DESIGN, Mumbai | www.chromatickdesign.com | +91 98200 92508
Comic strip illustrations by : Nikhil Polji (Niktoons creations) | www.niktoonscreations.com
DISCLAIMER
All efforts have been made to ensure that the charts
and data in this publication are correct. Data has
been taken from sources believed to be reliable.
Although the KSHITIJ Economic Calendar has been
prepared with the best of effort and intentions, no
guarantee of any kind is made as to the accuracy
of the data or charts contained. No liability of any
kind is accepted for any errors or mistakes.
However, if you do run across any errors, please let
us know. We shall try and correct the errors. No
chart or piece of data may be construed as advise
to buy or sell any security. No claims can be made
upon us for any profits or losses accruing from any
transactions undertaken by anybody using this
Economic Calendar.