Russia FX/Rates Snapshot - August 17, 2021. Ruble Stable Amid Demand at Weaker Levels, Dollar to Continue to Advance Globally
This morning, the ruble has slipped back to 73.4, while the dollar remains on the advance globally. Today's focus will be a speech by Fed Chairman Jerome Powell. After the strong US jobs report for July and hawkish comments from other Fed officials last week, Powell could signal an imminent reduction in Fed asset purchases. A R290 bln OFZ issue will be redeemed tomorrow, so we think we could see the new 4y OFZ 25085 (September 2025) offered up sometime in the coming weeks, as we believe many investors could be inclined to reinvest the proceeds at the short end in order to maintain the structure of their portfolios. However, the Finance Ministry has generally held back on issuance of short-dated issues, preferring to lengthen the average duration of OFZs outstanding.
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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