USD/RUB potential for a drop to the 59.00 area – Danske Bank
|Strategists at Danske Bank believe RUB is poised to appreciate in the next months.
Key Quotes
“The rouble continues its journey detached from the crude price, driven mostly by the global emerging market sentiment on the trade war and geopolitical cautiousness; notably, Russia’s Ministry of Finance is set to continue limiting the RUB’s extra strengthening on oil price swings”.
“Still, a lower oil price would be RUB negative. The revived hawkishness of the Bank of Russia is helping the RUB among other emerging markets. Given the current escalation of global trade wars, we see the USD/RUB pair staying higher from our previous forecasts but lower still over the forecast horizon: 61.70 in 1M (previously 61.50), 60.90 in 3M (previously 60.10), 59.00 in 6M (previously 58.30) and 57.50 in 12M (previously 55.70)”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.