Russia FX/Rates Snapshot - September 17, 2018
Over the weekend, the Wall Street Journal reported that the US was ready to impose 10% tariffs on $200 bln in annual imports from China as early as today. Meanwhile, China has said that it is ready to pull out of planned trade talks if this were to happen. Understandably, risk aversion has picked up today, and EM currencies are trading about 0.5% weaker versus the dollar on average. The ruble is again outperforming its EM peers, down only 0.2%. However, it could retreat further if the US-China trade war escalates. We expect the dollar to be stronger globally given the possibility for trade war escalation. EUR/USD may return below 1.16, while USD/RUB may head toward 68.5.
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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