Russia FX/Rates Snapshot - November 26, 2018
This morning, risk sentiment has improved, partially driven by reports that Italy's ruling coalition is discussing reducing its 2019 deficit target to 2.0-2.1% of GDP from the current 2.4% target. The euro has firmed 0.2% as a result, while oil has rebounded by 2% and the dollar is weakening globally. However, the ruble has fallen 0.6% under pressure from a pickup in geopolitical uncertainty. However, we do not expect further significant losses today given that R640 bln in MET payments are due, and exporters are actively selling FX, attracted by a high premium of almost R1 in the USD/RUB spot rate over the CBR's fixing.
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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