Russia FX/Rates Snapshot - August 27, 2021. Likely Caution From Powell to Support Markets
The local currency has continued to recover this morning and is approaching 74 as we write. Overall, the markets seem upbeat. The focus today is Fed Chairman Jerome Powell's speech at the annual Jackson Hole Symposium. He is a dove, and despite the harsh comments of other Fed officials, we expect his tone to be cautious. If Powell comes across as rather dovish, we think the momentum in markets will pick up and the ruble should be able to recover to 73.8; however, if Powell takes a less cautious position, this could provoke a global rise in the dollar and a weakening of the ruble to 74.6.
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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