RUB completes stellar week -A......>

EMERGING MARKETS: RUB completes stellar week

-A decent rally in Russian sovereign bonds drove the currency higher across this

week, with a perfect mix of stabilising geopolitics, expansionary ECB policy and

a supportive domestic central bank helping to fuel. This drove USD/RUB through

the 200-, 50- and 100-dmas (in that order) this week, bring the pair close to

correcting the August rally. 63.7388 is the downside target as international

investor sentiment remains key.

-TRY sat at the other end of the table, falling against most others, but the

Friday losses pale in comparison to the gains on Thursday following decisions

from both the Turkish and European central banks. USD/TRY continues to trade

either side of the 50-dma at 5.6749 and needs to pick up momentum in either

direction to make a decent break.

-The Brazilian central bank rate decision takes focus next week, with the BCB

seen trimming rates by a further 50bps. Rate decisions from Hong Kong, Taiwan,

South Africa and Indonesia are also due. Chinese industrial production and

retail sales will also be carefully eyed.