Russia FX/Rates Snapshot - December 6, 2019
OPEC+ ministers agreed in principle to deepen their output cut target by 500,000 bpd, though in fact this merely formalized Saudi Arabia's current over-compliance with the current OPEC+ deal. This evening, OPEC is likely to announce the details of its decision, and it appears set to disappoint markets, which will pressure oil and in turn the ruble. Moreover, the ruble has already appreciated by 1% this week, and USD/RUB is trading not far from strong support at 63.6. We therefore think profit taking in the ruble is likely ahead of the weekend, and we see it weakening to 64.
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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