Russia FX/Rates Snapshot - October 20, 2021. Expected Recovery in Oil to Help Ruble Pare Losses
This morning, global market sentiment has soured, and the dollar is appreciating - likely now pricing in yesterday's rise in UST yields - and oil is falling. Against this backdrop, the ruble has slid back to 71.1. The focus today will be the oil price dynamics, which in turn will be driven by the official weekly US inventories report. If Brent manages to recover back to $85/bbl, we think the ruble should be able to recover to 70.9.
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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