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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- USD/RUB BGN trades -0.12% lower this morning, hovering above the 81.00 handle as the cross continues to drift lower.
- Yesterday’s reserves number reflected a ~$40bn drawdown since the start of the crisis with the CBR defending the RUB heavily.
- From here, RUB still faces default risks with some larger debt payments coming due on April 4 and presenting significant headwinds.
- Putin’s attempts to see gas contracts paid in RUB have met resistance thus far, but will add incremental pressure on the West as gas prices rise on his promises for an embargo to those who do not pay in RUB.
- RUB has rallied +19.57% vs the greenback this week and other exporters are also pressing to evade sanctions through RUB-denominated contracts - this will be key to monitor in the coming weeks/months.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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