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USD/RUB Probes 65.00 as Risk Sentiment Picks Up Post-FOMC

RUSSIA
  • USD/RUB BGN trades +0.08% higher this morning in line with a higher BBDXY seen retracing a portion of its post-FOMC weakness.
  • The cross continued to drift lower in yesterday’s session, marking an intraday low at 64.92 as downside momentum resumes.
  • The EU oil embargo also added upside pressures to Brent, which now trades around $111/bbl.
  • The main event, however, was the FOMC which sparked risk-on as Powell delivered a 50bp hike and guided towards balance sheet run-off (as expected), but downplayed the possibility of +75bp hikes.
  • RUB strength should continue to neutralise some inflationary pressures, and potentially make space for additional rate cuts in the pipeline this year.
  • Various experts have also argued that the chances of full deployment in Russia is unlikely on 9 May, but have also highlighted threats to Putin coming from his intelligence community.
  • While these remain speculation at this juncture they are both worth noting. Russia’s push in the Donbas is likely to resume in the near-term with negotiations yet to resume as we head towards the weekend.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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