Russia FX/Rates Snapshot - August 14, 2019
We believe the delay to the tariffs rules out the risk of sharp ruble depreciation. We expect the ruble to trade sideways later this week and next, but we see it firming to 64 or below after August 23, when the Fed will hold its annual symposium in Jackson Hole, at which Fed governors will likely signal more rate cuts given that the global economy continues to slow. Today's 2Q GDP figures for China and Germany confirmed this. The eurozone figures due at 12:00 Moscow time likely will too.
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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