Free Trial

Caution Prevails as CBR follows Expectations; RUB Focuses on Growth Over Carry

CBR

CBR comes out exactly as expected

  • Cautious over CPI spike to 4.6%-4.9%
  • Room left to ease next year (25bp) and likely base at 4.00%
  • 4Q growth taking a bit of a hit due to covid
  • Fiscal policy mostly to blame for CPI dynamics
  • 2h21 inflation to moderate after base effects, RUB passthrough and end of the food supply shock

USD/RUB

  • Still tracking higher, despite reinforced RUB carry.
  • Most likely highlighting concerns over growth- Topside resistance at 73.6950, 73.8229
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.