Russia FX/Rates Snapshot - September 6, 2018
This morning at the Moscow Financial Forum, the head of the CBR's monetary policy department, Alexei Zabotkin, said that it was "too early to say when FX purchases can be resumed." This backs our view that the CBR could choose to refrain from purchases in October as well, given the elevated risks ahead of the US elections in November and the pressure on EM currencies. This is very positive for the ruble. We see potential for USD/RUB to return to 67 if the halt to FX purchases is extended. However, the ruble will likely stay range-bound today, as the risks are rather high.
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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