Russia FX/Rates Snapshot - January 24, 2020
This morning, the ruble is trading unchanged while the yuan is somewhat stronger. Exporters will likely be actively selling FX in order to raise rubles for the R500 bln MET tax bill that is due on Monday. Against that backdrop, the ruble may firm to 61.7 early in the day today. Further support for the local currency - and for the euro - may come from the eurozone PMIs, which should be positive given the positive start to the year and the recent upbeat ZEW indexes from Germany. However, risk-off could return in the evening if news of a further spreading of the coronavirus emerges. In that case, investors might look to reduce positions in risk assets going into the weekend. This would likely push the ruble back to 62.
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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