Russia FX/Rates Snapshot - May 22, 2019
Yesterday, it was announced that the US had temporarily lifted its restrictions on Huawei until August 19. However, this does not represent a change in the overall US policy toward Chinese companies. Furthermore, it was reported that the US might blacklist five Chinese companies that provide surveillance services, accusing them of human rights violations. However, today the Chinese ambassador to the US stated that China was open to renewing the negotiations. The prospects of an escalation in the US-China trade war and the possibility of a shift outside of the economic sphere have weighed on markets this morning. Yesterday, the ruble traded in a range of 64.40-64.63. Exporters continued to sell hard currency, but not aggressively. Upcoming tax payments should support the ruble if risk-off sentiment prevails. We expect the ruble to trade sideways today.
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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