Yesterday, the Russian currency very successfully resisted the strengthening of the dollar on international markets. This was probably due to internal factors (preparations for the tax period and the growth in demand for Russian assets).
The latter is evidenced by the continued decline in OFZ yields (on 5-year bonds, they dropped below 7.3%).
Today’s US statistics presents certain challenges for the Russian currency. The traditionally increased demand for rubles on the eve of the tax period starting on Monday will help to counter them.
A potential strengthening of the dollar amid inflation statistics may lead to the USDRUB pair moving towards the 58 mark in the afternoon today. Except for this factor, the next two weeks, as we wrote yesterday, may be quite positive for the ruble against the backdrop of the tax period and expectations for a decrease in the key rate.
The “Opinions” section of the PRIME Economic Information Agency website publishes materials provided by analysts, traders and experts of Russian and foreign companies, banks, and also publishes the opinions of the PRIME Agency’s own experts.
The opinions of the authors on this or that issue, reflected in the materials published by the Agency, may not coincide with the opinion of the editorial board of AEI “PRIME”. The authors and AEI “PRIME” do not take responsibility for the actions taken on the basis of this information. With the advent of new market data, the position of the authors may change.
The opinions presented are expressed taking into account the situation at the time of the publication of the material and are for informational purposes only; they do not constitute an offer or advice on the performance of any actions and / or transactions, including the purchase or sale of securities. For all questions regarding the placement of information in the “Opinions” section, you can contact the editorial office of the agency: email@example.com.