Russia FX/Rates Snapshot - August 9, 2021. Dollar Remains Strong Globally
Oil prices are falling sharply this morning as the Delta coronavirus strain spreads across the US, and the ruble has retreated slightly to 73.55. However, we think the ruble should manage to stabilize at these levels, since they are quite attractive, while foreigners will likely continuing buying up OFZs amid the stabilizing local inflation (seemingly confirmed by the July data). We expect OFZ yields to climb another 2-3 bps in the wake of the rise in dollar rates after the US jobs report and ahead of this week's auction. However, the slowdown in inflation reported on Friday should limit the pressure. We also think demand for the "new" OFZ issues should remain elevated.
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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