Russia FX/Rates Snapshot - January 28, 2019
Last night, OFAC announced that the sanctions on Rusal and En+ Group would be canceled. As a result the ruble gained 0.5% in premarket trading, but its gains have since been pared on the 1.2% decline in the oil price and slight weakness in EMs this morning. We think that the ruble still has some potential to appreciate this week, as exporters may still need to sell significant volumes of hard currency in order to make profit tax payments today and finance their operational costs. Moreover, the risks related to Venezuela seem to have eased, as it was reported that President Nicolas Maduro had extended the deadline for US diplomats to leave the country.
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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