Russia FX/Rates Snapshot - September 16, 2021. Boosted by Oil Rally, Ruble Looks Set for Correction Today
Mildly negative sentiment is prevailing in the markets again this morning, and the dollar is strengthening globally. The ruble has corrected back to 72.4. Today, the focus will be US retail sales for August, which could turn out rather weak due to the spread of the Delta strain. We think the ruble could correct further to 72.5, which had been a support level for the dollar and could now become a resistance level. However, the recent rise in oil prices enhances the fundamental attractiveness of the ruble, while our commodities strategists see a push toward $80/bbl as possible in the short term, which would allow the ruble to test the 72 mark.
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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