Russia FX/Rates Snapshot - September 9, 2019
This morning, the ruble is up 0.3%. USD/RUB is currently hovering at a key support area of 65.5-6, which was a strong resistance level for USD/RUB in August, and when it did manage to break through, it temporarily went to 67. Risk sentiment is still quite benign, as oil and EM currencies are mildly advancing, while safe-haven assets are under pressure. Moreover, this week and next will likely be supportive for riskier assets, as both the ECB and Fed will likely lower rates and hold to a dovish stance. Thus, we see potential for USD/RUB to break below 65.5. If does, it will likely head to 64 in the upcoming weeks.
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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