Russia FX/Rates Snapshot - August 19, 2021. Ruble Succumbs to Pressure from Strengthening Dollar
The weekly US jobless claims data will be in the spotlight today, and the data could be quite strong with the school year about to get underway and additional unemployment benefits about to expire. While the dollar is likely to continue strengthening globally, we think the ruble should be able to hold its ground near 74.2, as in the recent past it has seen high demand near this level. Following yesterday's auction, at which the ministry placed R126 bln in total, it only needs to place another R732 bln gross this year (roughly R40 bln per week) to meet its annual goal, or R340 bln net taking into account yesterday's R290 bln redemption. Thus, we do not see a significant risk in terms of primary supply.
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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