Russia FX/Rates Snapshot - September 3, 2021. US Jobs Report to Drive Dollar Today
The ruble is stable at about 72.9 today amid calm trading. The focus will be the US jobs report for August. If NFP additions come in below the expected 0.7 mln - which is quite likely against the backdrop of the spreading Delta coronavirus strain and the slowdown in the US recovery in August - then the dollar should continue to retreat globally, as the Fed would be more likely in this case to postpone the QE tapering until the end of the year. Against this backdrop, we think the ruble could gain to USD/RUB 72.4. On the other hand, a strong NFP report could drive the ruble back down to 73.4.
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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