USD/RUB could retreat to the 52.00 area in 12-month – Danske Bank

In view of Senior Economist at Danske Bank Vladimir Miklashevsky, USD/RUB could be poised for further downside towards the 52.00 area within a year’s view.

Key Quotes

“Since the US missile strikes to Syria, markets have been focusing more on geopolitics than on traditional RUB sentiment drivers”.

“While the strike pushed the crude price higher, the RUB stopped its extensive carry-based strengthening, bringing relief for the Russian budget as the oil price in RUB has surged, helping budget expenses in local currency”.

“We target USD/RUB at 52.00 in 12M (prev. 52.30)”.