Russia FX/Rates Snapshot - June 21, 2019
This morning, the ruble and most EM currencies have seen the Fed-driven gains partially pared back. The euro is rising thanks to upbeat French preliminary June PMIs and better than expected German PMIs (though the manufacturing PMI remains below 50, reflecting contraction). Investors will closely eye the US PMIs at 16:45 Moscow time. Given Monday's very weak Empire State manufacturing survey and that it is more or less correlated with the manufacturing PMI, we expect the US PMI to be weak. If so, this will strengthen the case for the Fed to cut rates, and the dollar will likely fall globally.
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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