Russia FX/Rates Snapshot - May 8, 2019
As for the ruble today, exporters seem set to sell good volumes of FX again and foreigners might also be selling before today's OFZ auctions. Thus, we think the ruble will firm a bit, with USD/RUB even temporarily falling to 65. However, later in the day, we expect investors to be closing long positions in the ruble ahead of the holidays in Russia and also the US-China trade talks on Thursday-Friday. By the end of the day, we see USD/RUB climbing back to 65.6, especially if risk aversion intensifies again. Among global events, investors will be eyeing Draghi's speech at 14:30.
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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