Russia FX/Rates Snapshot - January 26, 2022. Ruble Stabilizing, but Dollar Looks Set to Rise Globally
Yesterday, the ruble was very volatile but managed to stabilize below 79 against the dollar, strengthening to 78.6. The main driver was the announced halt to CBR FX purchases under the fiscal rule, as well as FX sales by exporters to pay taxes. This morning, the local currency is stable at 78.6 and the situation in global markets is calm. The focus today will be talks between political advisers of the Normandy-format countries. If the talks lead to some reduction in geopolitical tensions, this would boost the ruble, in our view. In global markets, the main event will be the Fed decision.
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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