Russia FX/Rates Snapshot - June 3, 2021. Ruble May Face Dollar Headwinds; Strong Results at Yesterday's OFZ Auction
We think the dollar could be able to extend its gains if today's data from the US is strong, including the May ADP employment report and the ISM services PMI. A strong batch of macro data could build up expectations that the Fed will begin to taper its asset purchases in the foreseeable future. This could push the dollar to 1.215 versus the euro and cause the ruble to weaken to USD/RUB 73.4, though the ruble should remain supported by oil prices
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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