Russia FX/Rates Snapshot - July 26, 2019
This morning, major currencies are trading flat ahead of preliminary estimates for US 2Q19 GDP and core PCE. Given that the US data has been beating expectations over the last month, the GDP print may well continue this trend. This would push the dollar higher globally. Nevertheless, we believe that the ruble will be strong, as there will probably be some FX selling from exporters today, given the large profit tax (R550 bln, due on Monday) and dividend payments (R393 bln and R82 bln from Gazprom and Surgutneftegaz, respectively, due on Wednesday) upcoming. Meanwhile, nonresidents may be looking to pick up more OFZs today in light of what is expected to be a dovish CBR.
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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