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CEMEA Markets Snapshot: RUB Hit By Two-Way Risks, TurkGBs Turn Offered

EMERGING MARKETS
  • RUB remains the worst performing currency in the CEMEA region, trading -0.81% vs the USD, hit by both upside pressure in the BBDXY and OPEC+ induced downside in oil markets.
  • Russian bonds, however, trade little changed with a marginal bear steepening bias
  • Turkish bonds are the notable underperformer in the region, with local bonds bear flattening (2Y +17bp), while USD equivalents hold 5.4bp higher in 2-5Y yields
  • SAGBs bear steepening, with 30Y yields leading the way higher (+6.1bp on the day)
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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