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Rouble Gains 4.78% vs the Greenback W/W, But Fails to Establish New YTD High

RUSSIA
  • USD/RUB BGN remains Unch this morning, following on from slightly firmer risk sentiment on the margins in APAC.
  • Last week the RUB gained 4.78% vs the greenback, but failed to establish a new YTD low.
  • Brent is off -2% this morning as markets remain downbeat on Chinese lockdowns and uncertainty over the EU’s ban on Russian oil.
  • Over the weekend, Finland & Sweden voiced their willingness to join NATO, despite threats from Putin.
  • Experts say any measures against both countries remain unlikely due to the difficulties Russia is facing in Ukraine.
  • Western intelligence suggests a notable slowdown in Russia’s momentum in the Donbas, while Ukraine is mounting effective counteroffensives in Kharkiv – putting pressure on Russia.
  • Weekly CPI data and 1Q GDP figures will be in focus this week, alongside US retail sales and industrial production. Attention is also on the YTD low at 62.3062.
  • A move below here opens up 60.00 to the downside and the prospect of further CBR easing to release some pressure on the RUB.
  • While a failure to break the lows may see the cross move into a sideways range between 70.8060 & 62.3062.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage

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