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Trade Balance Data on the Docket, USDRUB Extends Losses

  • USDRUB on the MICEX exchange has extended yesterday’s losses. The pair is down ~0.3% on the day near 90.43. Additional losses could expose 87.6550, the mid-November low and lowest level since June.
  • The Bank of Russia reports trade balance data at 1300GMT/1600 local time while the Foreign Ministry holds a weekly press briefing. There is little of note with regard to local news flow.
  • GDP data is on the docket tomorrow ahead of the CBR key rate decision on Friday where analysts remain split over whether the central bank will continue its hiking cycle or hold rates at 15% following a 200bp rate increase in October.

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