Russia FX/Rates Snapshot - September 23, 2021. Fed's New Forecasts Did Not Frighten Markets, Weak PMIs Could Push Dollar Lower
It appears that investors are more focused on the uncertainty in the short term than the Fed's longer-term forecasts, which practically did not affect the market. If the US preliminary PMIs for September are weak, the global weakening of the dollar will pick up pace, while the euro could advance to EUR/USD 1.176. In this case, we think the ruble could firm to 72.3 assuming that geopolitical risks do not escalate. Yesterday, it emerged that new sanctions against Russia - including against secondary-market trading of new sovereign debt - had been included in the US's draft defense budget for 2022. However, past experience has shown that such amendments are often removed before the final version is passed.
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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