Russia FX/Rates Snapshot - October 28, 2021. Ruble Under Pressure Amid Elevated Demand for FX, Negative External Backdrop
The ruble has weakened slightly this morning, along with the oil price. We expect the local currency to remain under pressure today, as negative factors remain in the ascendancy. We think it could reach 71. In addition, euro weakening could act against the ruble, as the ECB is unlikely to join the general move toward significant monetary policy tightening among DM central banks. We think the ECB is likely to stick to the opinion that inflation is temporary, meaning no rate hikes are on the horizon, and we expect it to confirm its intention to expand its regular asset purchase program instead of its emergency program, which ends in March.
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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