RUB: Selling pressure intensifies - Rabobank

Piotr Matys EM FX Strategist at Rabobank, explains that the Russian ruble was leading losses amongst its CEEMEA peers at the start of a new week of trading after geopolitical risk increased as a result of an alleged chemical attack on civilians in Syria.

Key Quotes

“Apart from an increase in geopolitical tension, the upside pressure on USD/RUB is also fuelled by recently announced US sanctions against Russian billionaires, who are close to the Putin circle, and their companies.”

“USD/RUB has already revisited the February high at 58.7668. Above that, the December top at 59.4241 will be next potential target before the top of the 12-month range comes into focus at around 61 level.”

“Apart from an increase in geopolitical tension, the upside pressure on USD/RUB is also fuelled by recently announced US sanctions against Russian billionaires, who are close to the Putin circle, and their companies.”