|Day's Range||62.689 - 63.05|
|52 Week Range||61.9960 - 70.6017|
Yahoo Finance’s Adam Shapiro, Julie Hyman, and Scott Gamm join D.A. Davidson Sr. Research Analyst Tom Forte and Schroders Senior EM Economist Craig Botham to discuss.
(Bloomberg) -- The analyst who most accurately predicted the ruble’s rally in the second quarter is now its most pessimistic forecaster.The Bank of Russia’s switch to monetary easing is the reason Jaroslaw Kosaty, a currency strategist at Poland’s largest bank, sees the currency sinking about 9% against the dollar by the end of the year. Foreign investors who piled into local OFZ bonds in anticipation of the cuts are largely done staking out their positions and the Bank of Russia says it expects the non-resident flows to fade, exposing the currency to further interest-rate reductions.“Fed rate cuts won’t be sufficient to satisfy market expectations in this matter,” Kosaty said. “The negative effects of the Russian central bank’s rate cuts on the ruble will prevail over the positive effects of the Fed actions.”After its 2018 collapse, the ruble staged the world’s best rebound this year and bond yields plummeted as tougher U.S. sanctions failed to materialize and a shift to loser policy globally fueled a rush into riskier markets. The return of foreign investors to Russian bonds lifted the non-resident share to 30% by the end of May from 24.4% as of Jan. 1.Kosaty predicts the most pain for the ruble out of 19 analysts surveyed by Bloomberg. His forecast of 69 rubles per dollar compares with their median estimate of 65 and implies a 9.1% slide from the currency’s intraday high last week. The currency was 0.6% stronger at 62.63 as of 6:43 p.m. in Moscow on Monday, taking its gain in the year so far to 11.3%.Looming ThreatsA second consecutive interest-rate reduction is possible at the central bank’s next meeting and it isn’t ruling out a cut of 50 basis points, Governor Elvira Nabiullina said earlier this month. According to Kosaty, the Bank of Russia will lower rates gradually by 25 basis points in the third and fourth quarters, though a 50 basis-point step is still possible at the July 27 meeting.There are other threats. Emerging market currencies may eventually take a hit from the U.S.-China trade war and fragility in the euro region, despite stimulus aimed at offsetting the fallout, he said. The possibility the Fed will be more cautious in its rate cuts would also remove support for developing-nation currencies.“The current economic situation in the U.S. is relatively strong when compared to others, and the Fed won’t easily refrain from maintaining favorable interest-rate parity with the other main economic partners,” Kosaty said. “Consequently, its actions in the coming quarters may seem belated to the market, which has a significant potential for market disappointment.”(Updates ruble gains in fifth paragraph)\--With assistance from Maria Kolesnikova.To contact the reporter on this story: Kira Zavyalova in Moscow at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Sweetman at email@example.com, Alex Nicholson, Natasha DoffFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
You can buy a variety of things with cryptocurrency in Western Europe and the USA. In Russia, the situation is much more modest. Although in large cities like Moscow or St Petersburg more and more shops are making it possible to pay with cryptocurrency, smaller cities are much less likely to offer this option. The issue is exacerbated by the present Russian legislation because it does not cover the possibility of paying for goods with cryptocurrencies. Therefore, a question arises for cryptocurrency holders in Russia: how do you convert a cryptocurrency into rubles so that you can make everyday purchases? In this article, we will look at the most popular ways to exchange cryptocurrency for rubles. Online peer-to-peer exchanges ThereThe post How to exchange cryptocurrency for rubles appeared first on Coin Rivet.
Russia and Saudi Arabia have agreed to extend the OPEC oil production cuts deal by another six to nine months, Russian President Vladimir Putin said at the G-20 leaders summit in Japan on Saturday. The OPEC+ group — the Organization of the Petroleum Exporting Countries, plus Russia and other producers — meet on July 1-2 to renegotiate the pact which expires June 30. In 2016, Saudi Arabia and Russia agreed to try to jointly manage global oil output to support prices in what became known as the OPEC+ coalition and the current deal called for production cuts of 1.2 million barrels a day.
The next FOMC meeting will take place on June 19, and on June 13 the interest rates markets were pricing in a rate cut of 25 bps by 24.2%, while the likelihood of the Fed leaving rates unchanged in the 225-250 interval was at 75.8%.
Venezuela is considering to close mutual trade settlements with Russia using the ruble, Russian government-backed TV channel RT reports on May 17. Venezuela’s representative to the United Nations in Geneva Jorge Valero said they are also discussing uses for the state-owned Petro (PTR) cryptocurrency. Valero reportedly revealed that Venezuelan authorities are now working with Russia to find opportunities for eliminating the use of the United States dollar in trade deals between the two countries.
Transport provider Forward Air Corp . (NASDAQ: FWRD ) said May 13 that Chris C. Ruble, chief operating officer (COO) of Forward Air's Expedited unit, was named the company's COO. In addition, Matthew J. ...
Trade wars continue but you have to admit that the volatility on the market caused by that is not extraordinary. Prices of risky assets are pretty resilient and save heaven assets are not surging as one could expect.
Story of the day on Tuesday is definitely the RBA not cutting the cash rate in Australia. They put that decision on hold, despite the consensus being the rate cut. That helped the AUD a lot and now, the currency is climbing much higher.
Investing.com -- Major currencies were little changed in early trading in Europe Monday, although a positive tone in equity markets in the wake of the U.S. GDP report on Friday helped the Aussie and kiwi to strengthen a little against the dollar.
Investing.com -- The dollar was consolidating near its highs for 2019 in early trading on Friday, showing little sign of weakening after a week of data and central bank actions that have underlined the relative strength of the U.S. economy, at least for the present.
Investing.com -- The dollar is continuing its march higher early Wednesday in Europe, enjoying further support from a strong corporate earnings season at home coupled with better-than-expected economic data.
The dollar index, which measures the greenback against six major currencies, was 0.2% lower at 97.283. Against the Japanese yen the dollar was about flat, while the euro was 0.11% higher against the greenback. Financial markets in Australia, Hong Kong and many major countries in Europe were closed on Monday for the Easter holiday.
USD/JPY sustained near the 112 levels, staying apathetic over BoJ’s bond purchase cuts. The EUR/USD showed less reaction to the greenback weakness today. USD/RUB marks day’s high near 64.05 levels.
The greenback fell in the Asian session but was underway recovery in the latter half. Crude upshot invited the Ruble bulls. EUR/USD amassed weekly gains above 1.1300 levels.
investing.com -- The British pound is recovering in early trade in Europe on Friday from a buffeting Thursday after the European Union agreed to only a minimal extension of the deadline for Brexit.