Russia FX/Rates Snapshot - August 13, 2021. Ruble Has stabilized, Now Awaiting New Drivers
Today, the ruble is still stable around 73.6. We expect the flaccid trading to continue, as no major events or releases are expected today. Among the most notable is University of Michigan US inflation expectations (for August). Against this backdrop, we think the ruble will trade close to current levels in anticipation of new drivers. Yesterday, the CBR released its review of banking sector liquidity. It said that a decision on lowering the inflation target, about which CBR Governor Elvira Nabiullina has spoken, could be made by the middle of 2022. If it is lowered, then, other things being equal, this means that the CBR should keep the key rate at a fairly elevated level for quite a while. This would also mean that long-term rates and yields should have good potential to decline.
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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