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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- USD/RUB BGN trades -0.85% lower this morning, holding just above the 76.00 handle after failing to close below the level on Friday.
- The cross fell roughly 7% last week to consolidate the move below 80.00 as we look to the CBR on Friday.
- Last week Nabiullina hinted at more potential rate cuts in the pipeline at the meeting to offset temporary measures to protect the RUB, which has strengthened significantly in recent weeks.
- 3x6 FRA-Mosprime spreads currently reflect -169bp in cuts priced in ahead of the meeting, but some analysts see scope for a -200bp cut to target the 15.00% mark for the key rate, with uncertainty still notably high amid the ongoing conflict.
3x6 FRA-Mosp Spread
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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