30 Mar 2015
USD/RUB seen back above 60.00 – TDS
FXStreet (Edinburgh) - There could be further weakness in store for the Russian currency, pushing the pair higher, suggested strategists at TD Securities.
Key Quotes
“In Russia, CPI data is expected to show inflation remaining around the 16.7% level seen in February, suggesting that we are close to the peak”.
“Yet, a more important local driver is the end of the tax period (large tax payments of RUB800bn+ due on 25 and 30 March have supported the RUB), which, in conjunction with weaker oil prices, is likely to push USDRUB higher (possibly back to 60.00)”.
Key Quotes
“In Russia, CPI data is expected to show inflation remaining around the 16.7% level seen in February, suggesting that we are close to the peak”.
“Yet, a more important local driver is the end of the tax period (large tax payments of RUB800bn+ due on 25 and 30 March have supported the RUB), which, in conjunction with weaker oil prices, is likely to push USDRUB higher (possibly back to 60.00)”.