Russia FX/Rates Snapshot - October 4, 2018
This morning, the ruble is down 0.5%, and the dollar keeps rising globally as investors await tomorrow's official US jobs report, which may turn out to be stronger than expected after the recent upbeat data. Moreover, today's US economic data may also be upbeat. It is thus likely that the dollar will climb further today. Nevertheless, we retain our bullish view for the ruble this month. Despite the dollar strength, oil prices are advancing, having gained 1.8% yesterday. Meanwhile, there are no FX purchases from the CBR to neutralize this move. So, this will mean much higher FX selling from exporters to pay taxes, duties and dividends, which may push USD/RUB several rubles lower.
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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