Russia FX/Rates Snapshot - January 29, 2020
However, we expect tonight's Fed decision to support the ruble and pressure the dollar globally. We expect rates to be left unchanged but for the Fed to extend its T-bill purchases into 3Q20 (it has been buying T-bills at a rate of $60 bln per month since last autumn). This should inject several hundreds of billions of dollars into the system, which should push 3m rates lower by about 10 bps and lead to a weakening of the dollar. It should also provide psychological support to investors, who are very sensitive to dollar liquidity and are more sanguine when it is abundant.
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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