8 Apr 2015
USD/RUB could shoot higher in 3-mont – Danske Bank
FXStreet (Edinburgh) - Flemming Nielsen, Senior Analyst at Danske Bank, expects the pair to rebound in a 3-month horizon.
Key Quotes
“The RUB has been the best performer in the EMEA FX universe, gaining 10.2% YTD against the USD”.
“After a massive sell-off in December 2014 the rouble and oil price daily correlation has vanished”.
“We believe the large Russian state corporations have been forced by non-market factors to sell as much as possible of their accrued FX revenues; also, the central bank has opened large FX repo channels in order to help the corporate sector serve its outstanding FX debt”.
“There has also been a massive reversal by individuals who have sold FX to buy roubles as there has been a shortage for everyday payments after the December 2014 sell-off”.
“We look for a rebound in USD/RUB on a 3M horizon”.
Key Quotes
“The RUB has been the best performer in the EMEA FX universe, gaining 10.2% YTD against the USD”.
“After a massive sell-off in December 2014 the rouble and oil price daily correlation has vanished”.
“We believe the large Russian state corporations have been forced by non-market factors to sell as much as possible of their accrued FX revenues; also, the central bank has opened large FX repo channels in order to help the corporate sector serve its outstanding FX debt”.
“There has also been a massive reversal by individuals who have sold FX to buy roubles as there has been a shortage for everyday payments after the December 2014 sell-off”.
“We look for a rebound in USD/RUB on a 3M horizon”.