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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.
RUSSIA
- Russia took a step closer to default yesterday as the US banned repayments using its reserves in an effort to squeeze the CBR to use its remaining buffers to service debt.
- Russia’s reserves have already plummeted by over $40bn defending the currency thus far and could dip further if it chooses to avoid technical default.
- USD/RUB BGN showed little response to the latest wave of sanctions from the West yesterday targeting tech (€10bn), banking transactions (23% of total Russian market share), coal (€4bn) and other import bans (€5.5bn).
- Markets continue to forecast a deep recession for Russia in 2022 (-7-10%), complimented with soaring inflation.
- The cross closed little changed on the day, holding a narrowing 3.35% range with the March lows at 81.05 still intact.
- The MOEX fell -4.48% on the day, similar to the RTS $ Index. Markets will eye weekly inflation figures after last week’s metrics registered a smaller rise at 1.16% w/w for a cumulative 8.91% increase YTD.
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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