Russia FX/Rates Snapshot - July 27, 2021. Nonresident Inflows into OFZs Continue
The ruble has weakened slightly to 73.85 this morning amid global gains in the dollar. However, we do not expect the ruble to continue weakening given that trading in global markets today will likely be calm as investors take up a wait-and-see stance ahead of tomorrow's Fed meeting. Meanwhile, with the weekly auctions and Fed policy decision both due tomorrow, we think that market players will back off from their recent spate of active OFZ purchases. However, on balance the market backdrop remains positive for OFZs given the ongoing inflows from foreigners.
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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