Russia FX/Rates Snapshot - May 17, 2019
The ruble traded sideways yesterday. In the first half of the day it gained on a rise in oil prices due to US-Iran tensions and decent foreign demand for OFZs, but it retreated later on risk-off. This morning, it is flat, in line with peers. We think the risk aversion may continue today, especially if more negative headlines regarding the US-China trade talks emerge. Moreover, investors may hedge ahead of the weekend. All in all, we see USD/RUB pushing toward 64.8-65.0.
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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