Forex - Russia Flows: Assets gain on higher oil prices

 09:04 (GMT) 10 Jan

  [Forex Flows]

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Russia Flows: Assets gain on higher oil prices (0100-KLFZ-C01)

Russian assets gained at the start of Tuesday's session with the USD/RUB briefly falling to 59.8245 and government bond yields decreasing by 6-27bps across the curve (source: Reuters), driven by higher oil prices after data showed that India's fuel consumption was 4.3% y/y higher last month at 16.53mn tonnes. But we expect the ruble to resume depreciation in the next few days with the USD/RUB approaching the 62.50 resistance level following the likely stronger-than-expected US December NFIB small business optimism index due at 6:00 EDT (4Cast: 100.0). JK

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