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Risk-Off as Sanctions Sweep Roils Russian Assets

FOREX
  • The impacts of Western sanctions targeting Russia's economy are clear to see early Monday, with Russian assets sliding aggressively, putting the RUB and Russia-related stocks considerably lower. London listings for the likes of Sberbank and Gazprom are down as much as 60%, while the USD/RUB rate sits higher by as much as 35%. The CBR's snap decision to more than double domestic interest rates has done little to help, with the 1050bps rate rise to 20% failing to stall the downtick in RUB rates.
  • Acute volatility has bled into CEE and G10 FX, with regional currencies including SEK, NOK, HUF and PLN all lower so far. The primary beneficiaries have been haven currencies, putting USD, CHF and JPY at the top of the board, with markets now pondering any Fed response to renewed economic uncertainty - raising the focus on Powell's testimony to Congress this week.
  • Focus turns to any further Russian efforts to stabilise the domestic economy as well as any potential counter-sanctions that Russia could send westwards.
  • MNI Chicago PMI is the data highlight Monday, with CB speakers including ECB's Lagarde and Panetta as well as Fed's Bostic.
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