Russia FX/Rates Snapshot - November 3, 2021. Hawkish Rhetoric From Fed Could Significantly Weaken Ruble in Illiquid Trading
Given the still-elevated inflation and no signs that it is coming down, the Fed will likely take a hawkish stance. We think the dollar may thus significantly strengthen and EUR/USD could fall below 1.15. Meanwhile, with Russia on holiday tomorrow and Friday, ruble trading will be thin. We think the local currency could even go as low as 73 by the end of the week. But at this level, it will become attractive, particularly given its strong fundamentals. We would therefore expect something of a recovery next week.
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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