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In terms of the CEEMEA currencies, the Russian ruble remains on track to end February as the weakest currency amongst its EM peers, strategists at Rabobank apprise. USD/RUB is trading at 67.308.

Key quotes

“The precipitous fall in oil prices squeezed USD/RUB from around 61 at the beginning of January to the August/September top at 67.00.”

“It is a classic parabolic move that will be at some stage at least partially reversed, but at the time when the markets are driven by fear USD/RUB may extend its gains towards the 2019 high at 69.8181.”

“Apart from the sharp fall in oil prices, escalating geopolitical tensions related to Syria also weighed on the ruble.”