Russia FX/Rates Snapshot - July 31, 2019
Aside from the Fed decision, which will impact the ruble only later this evening, we expect the ruble to find strong support throughout the day from the upbeat oil price. Over the last three days, Brent has gained more than 3%, which has largely not been priced in to the ruble given the periods of elevated bids from internationals, which have stopped it from appreciating. Oil looks set to advance further today after the latest EIA data, and we would expect the ruble to follow it higher and appreciate to 63.2 prior to the Fed decision and likely break below 63 afterward.
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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