Russia FX/Rates Snapshot - November 22, 2019
This morning, risk sentiment is slightly positive. German GDP edged up 0.1% Q-o-Q in 3Q19, meaning that the German economy avoided a technical recession. Later today, eurozone preliminary PMIs for November are due, and they could also be upbeat. Against this backdrop, the euro could reach 1.11, while USD/RUB could test 63.5, backed by exporter FX sales ahead of Monday's R450 bln MET payment. However, later this evening, risk aversion could pick up on US-China uncertainty as Trump is expected to sign the Hong Kong bill before the weekend. We expect USD/RUB to return to 63.8 by the end of the day.
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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