Russia FX/Rates Snapshot - September 8, 2021. Ruble Softens Amid Global Dollar Strength
This morning, the dollar has continued to firm globally and the ruble has retreated to 73.4. We expect this trend to continue, but we think the ruble is likely to find support at 73.5, which is a fairly strong resistance level for the pair. Moreover, the ruble should find support from rising short-term rates, as market participants can fully price in another 50 bp key rate hike this Friday if tonight's inflation reading is 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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