Russia FX/Rates Snapshot - October 8, 2021. Strong US Jobs Report Could Boost Dollar, Pressure Ruble
The dollar is appreciating globally this morning, while the UST 10y yield is approaching the important resistance level of 1.60% ahead of the US jobs report for September. The risks seem skewed that the data will come out strong, with expectations for a 0.5 mln NFP addition following a strong ADP employment report and ISM PMIs for September. Against such a backdrop, the Fed is almost certain to start tapering in November, so UST yields could jump today, while the dollar would extend its gains globally. We think the ruble in this case would weaken to 72.
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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