Russia FX/Rates Snapshot - September 24, 2019
This morning, Germany's Ifo survey data for September was weak, confirming the gloomy economic outlook. Against this backdrop, we expect EUR/USD to trade at subdued levels and head to 1.095 today. Moreover, it seems very likely that German GDP will contract in 3Q for the second quarter in a row, which would indicate a technical recession. As for the longer-term picture, the only chance we see for a meaningful rebound of the euro is massive fiscal stimulus in Europe, especially in Germany. However, it would likely take a long time for European authorities to start acting.
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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