Russia FX/Rates Snapshot - December 3, 2018
Oil prices have surged 4.5% this morning, supported by the increasing likelihood of an OPEC+ deal later this week, as Saudi Crown Prince Mohammad bin Salmon and Russian President Putin agreed in principle to continue cooperation on a production cut deal. Also providing support is the announcement of production cuts in Canada. Given such a positive backdrop, the ruble is up by 0.9% this morning, although volatility remains high. Although we do not expect it to advance much further today, we think the ruble has good potential for appreciation later this month, especially if geopolitical risks fade, as has happened several times in recent months. We think that USD/RUB will hover near 66.2 today and is unlikely to fall below 66 (currently a strong short-term support level), while EUR/USD may advance to 1.14 on the globally weaker dollar.
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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