The Central Bank of Russia (CBR) has cut the key rate following disappointing inflation data in January. Up to two more rate cuts are expected by analysts at Nordea. USD/RUB has soared to 64.2045, two-months high. Key quotes “CBR has cut the key rate for the 6th time in a row at today’s meeting in line with consensus. The rate is now at 6%, a level considered by the CBR as a lower bound of the neutral range of 6-7%. Further cuts will thus turn monetary policy from neutral to accommodative.” “The key reason behind today’s rate cut is continued inflation slowdown. Inflation dropped to 2.4% y/y in January (considerably lower than 4% target). But even more importantly seasonally adjusted m/m inflation keeps decelerating and since April 2019 remains below levels corresponding to the 4% target.” “The key rate going below 6% this year now looks certain and given that current inflation trends remain very moderate up to two more 25bp cuts look possible.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Wall Street opens sharply lower dragged by energy shares FX Street 2 years The Central Bank of Russia (CBR) has cut the key rate following disappointing inflation data in January. Up to two more rate cuts are expected by analysts at Nordea. USD/RUB has soared to 64.2045, two-months high. Key quotes “CBR has cut the key rate for the 6th time in a row at today’s meeting in line with consensus. The rate is now at 6%, a level considered by the CBR as a lower bound of the neutral range of 6-7%. Further cuts will thus turn monetary policy from neutral to accommodative.” “The key reason behind today’s rate cut is continued… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
