S&P lifts Russian sovereign outlook to positive from stable - RTRS

Eren Sengezer FXStreet

Standard and Poor's, which currently rates Russia BB+, said on Friday it has raised Russia's sovereign outlook to positive from stable, expecting growth to improve as the country emerges from a two-year recession, as reported by Reuters News.

More headlines

We expect GDP growth in Russia will pick up, averaging about 1.7 percent in 2017-2020
We see a lower risk of large capital outflows, therefore moderating external pressures
We might raise Russia's ratings if the economy continued to adapt to the relatively low oil prices

Following the announcement, Russian Economy Minister Maxim Oreshkin said in a statement: "A precondition for the rating to be raised to investment grade this year is the finalization of a plan of structural changes and the start of its implementation.".

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold clings to gains as US-Iran conflict continues to underpin safe-haven assets

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar could keep the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.