In view of Vladimir Miklashevsky, Senior Economist at Danske Bank, the Russian currency remains vulnerable ahead of the upcoming CBR meeting (Friday).
Key Quotes
“Yesterday, USD/RUB hit 70.00 and EUR/RUB crossed 81.00 for the first time since early 2016. The Brent price in RUB rose to an all-time high, RUB5,432/bbl, while the Russian budget stays safe at RUB2,800/bbl”.
“Syria and looming sanctions amid an EM sell-off and approaching Fed have distracted significantly the RUB from oil price moves”.
“A rapidly weakening RUB could affect Russia’s central bank’s monetary policy decision this Friday, raising risks for a hike”.
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