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RUB: crude's slippage spurs correction

 
27.05.2015
Yesterday, RUB weakened 1.6% against USD to close at 50.84. Meanwhile, Brent declined 4.0% to USD 62.5/bbl. However, we highlight that RUB opened lower in the morning amid declined volumes of export selling, when the crude market was relatively stable. In addition, the EM FX index lost 0.6-0.8% vs. USD. As we argued yesterday, export-related selling flow was the main supportive factor for the FX market. Hence, the fact that it is weakening encourages USDRUB bids, especially given that positioning is rather balanced right now.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst

Tags:
ruble, FX market

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