Forex - Russia Flows: Rouble weakens on hawkish Fed and FinMin statement


 09:14 (GMT) 09 Nov

  [Forex Flows]

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Russia Flows: Rouble weakens on hawkish Fed and FinMin statement (0101-GCKW-C01)

A hawkish FOMC statement has caused the rouble to depreciate to a low of USD/RUB 67.0500. It has also been weakened by the Finance Ministry's statement which indicated that once market uncertainty eases, it could increase the supply of OFZ bonds offered at its weekly auctions to up to 30bn roubles. The Ministry also said this morning that it wanted to stop cancelling OFZ auctions and offer small volumes in tough market conditions instead. All of this has caused a sell-off in bonds with the 10-yr yield spiking to 8.83% and a spillover effect on the rouble. We expect further weakening on the bond market and a convincing break of USD/RUB 67.10 resistance.


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