Russia FX/Rates Snapshot - August 1, 2019
This morning, the dollar has continued to make gains and US rates are again moving higher, though the momentum has faded somewhat since yesterday evening. Today, the US ISM manufacturing index for July will set the tone for the greenback. If it confirms the weakness in the US manufacturing sector hinted at by last week's preliminary Markit PMI, then we would expect the dollar to give back most of its recent gains, as this would reignite bets for further rate cuts. The ruble could therefore return to 63.4, but the euro will likely remain pressured near 1.10 as this morning the final July PMIs for European economies are likely to confirm the weakness of the eurozone economy.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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