Russia FX/Rates Snapshot - August 23, 2021. Nonresident Inflows Should Continue to Support OFZs This Week
Positive sentiment is prevailing this morning in global markets, while the dollar is weakening. The ruble is approaching 74. The upbeat mood in markets appears set to continue today. In focus will be preliminary PMIs for the US for August. The prints could come in below expectations given the spread of the Delta strain of Covid-19. This would allow markets to expect quite restrained rhetoric from the Fed at Jackson Hole at the end of this week. We also think that Russian exporters might sell large volumes of FX ahead of a R660 bln MET tax bill on Wednesday. We thus think the ruble may be set to recover to 73.7 today.
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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