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Softer PPI, Weekly CPI Data Eyed Ahead of OFZ Auctions

RUSSIA
  • Local rates remain unchanged this morning, while USD bonds open with a bull steepening bias: 2Y -2.4bp.
  • Yesterday's session saw both local & USD bonds end a fraction firmer on the day, paring early strength on the back of mixed US data.
  • 10Y yields retested July lows at 6.8445, but failed to establish a new low.
  • PPI & weekly CPI data will be eyed closely for signs of moderation, which should bolter demand for RUB assets if signs of disinflation materialise in line with forecasts.
  • This should also contribute to the likelihood of stronger OFZ auctions.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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