Russia FX/Rates Snapshot - June 7, 2019
Today, investors will closely eye the US labor report for May. The nonfarm payrolls change is expected to be at an average level of 175k. However, given the recent weak data, especially the low ADP payrolls, and heightened uncertainty over the trade wars, which was mounting over the course of last month, the risks are definitely skewed to the downside. Taking into account that the labor report is probably the most important statistic for the Fed, a weak result may trigger markets to price Fed cuts even more aggressively. If this happens, the dollar will weaken globally. But such a move would be rather premature, in our view; in fact, if this comes to pass it would be a good idea to buy the greenback and pay dollar rates on dips, as one weak report (the labor market data for April was quite strong) won't be a game-changer for the Fed.
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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