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CEMEA Snapshot: RUB & TRY Buck USD Weakness, ZAR Outperforms

EMERGING MARKETS
  • Today, RUB joins TRY in trading mostly on its own – brushing off USD weakness and oil gains to trade -0.60% weaker.
  • This seems to be a continuation of yesterday’s price action which saw USD/RUB drift higher amid geopolitical nervousness and extended holiday markets.
  • USD/RUB is currently flirting with the daily highs, a fraction below the 26 Nov high at 75.9120
  • TRY remains on its own idiosyncratic course, little changed at -0.47% vs the USD for the day. Markets are keeping cautious on TRY with officials clamping down on short speculation and implementing measures to punish firms for holding FX.
  • in the meanwhile, deeply negative real rates should keep TRY assets on the backfoot in a slow grind weaker.
  • ZAR stands as out outperformer today (+1% vs the USD), moving mostly in line with the broad market trend of USD weakness – mirroring price action in USD/MXN. Price action in USD/ZAR failed to establish a new high above 16.10 this morning, but will need to make a consolidated break of the 50dma to consolidate a near-term bearish bias.
  • Focus remains on US PMIs and the FOMC minutes coming later
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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