Russia FX/Rates Snapshot - November 9, 2018
The euro fell 0.6% yesterday and will likely remain pressured next week, as concerns over the Italian budget are picking up once again. Yesterday, the European Commission cut its economic forecasts for Italy, which may provide grounds for the EU's executive arm to take disciplinary action against Italian authorities if Italy fails to submit a revised budget in line with EU rules by November 13. This morning, the ruble has mildly appreciated, significantly outperforming peers, which are pressured by soured risk sentiment and a stronger dollar. FX turnover this morning on the Moscow Exchange has been healthy, which may mean elevated FX selling from exporters. We expect the ruble to stay flat later today unless uncertainty picks up further.
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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