Russia FX/Rates Snapshot - July 24, 2019
This morning, the euro has retreated on weaker than expected preliminary July PMIs in France and Germany. In particular, Germany's manufacturing index fell to a 7y low of 43.1, indicating a deepening contraction. Against this backdrop, EUR/USD could test strong support at 1.11 today but is unlikely to break it given how strong it is. However, the ruble is unlikely to retreat as tax-related FX selling should provide support. On the global data front, investors will eye the preliminary July PMI indexes and new home sales for June, which could support the dollar as recent US data has tended to beat estimates.
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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