Russia FX/Rates Snapshot - August 20, 2019
This morning, the ruble is recovering as the FX bid that drove it lower yesterday seems to be exhausted. In addition, exporters seem to have increased their FX offer ahead of next week's tax payments. Still, EM currencies have run into some pressure today, while the dollar is again mildly up against peers. Thus, given that high volatility remains, we would expect the ruble to trade in a rather wide range of 66.3-67.0, but believe that it has finally gained a foothold after its recent sharp fall and has potential for appreciation this Friday, as we expect top central bankers assembled at the Fed's Jackson Hole summit to be quite dovish.
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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