Russia can manage better than other countries the corona crisis as maintains the inflation low, per Danske Bank. EUR/RUB is trading at 83.4285.
Key quotes
“In Russia, the economy can weather the storm, as inflation is low, and even after the 20-30% move in the rouble we are unlikely to see double-digit CPI.”
“We also see EUR/RUB overshooting versus fundamentals, but we have lifted our 12M EUR/RUB forecast to 75.00 (from 60). Notably, it is likely to take a while before we see an end to the ongoing oil-price war.”
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