Russia FX/Rates Snapshot - November 1, 2018
The dollar has been weakening this morning, the DXY index coming off a 16-month high near 97, which has proven to be a strong resistance level. EM currencies and the ruble are also appreciating today, the latter still supported by exporters' FX selling. Still, the dollar weakness could prove short-lived, as upcoming US macro data is likely to be solid. The dollar could recover, for instance, on a strong reading of the ISM manufacturing index, which is due at 17:00 Moscow time. Still, today we expect USD/RUB to remain bound in a range of 65-66, where it has hovered for the last three weeks. However, the dollar could retest and even break above recent highs on tomorrow's US jobs report, while investors in Russia could be cautious ahead of the long weekend (November 5 is a national holiday in Russia) and the US midterm elections on November 6. So, USD/RUB could head toward 66 tomorrow.
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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