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USD/RUB Marks New Low at 71.552 Ahead of Expected CBR Rate Cut

RUSSIA
  • USD/RUB trades +0.20% this morning, despite an and easing in the relentless USD bid and notably firmer global risk sentiment coming from APAC.
  • The cross continued to push lower yesterday, marking an intraday low at 71.352 ahead of and expected 200bp rate cut from the CBR today.
  • Nabullina is expected to resume her post-meeting pressers, which will be monitored for discussion of the medium-term forecasts – although these may still be marred by uncertainty.
  • With the balance of risks shifting from inflation to growth, the CBR has room to scale back its emergency measures in the near-term – but is likely to retain some optionality with the conflict still ongoing and not pre-emptively over loosen policy.
  • RUB payments for gas remains a point of interest in markets, alongside rumours of a merger for state owned banks VTB, Oktrite & RNKB.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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