USD/RUB eyes 60.00 in 6-month – Danske Bank

Analysts at Danske Bank see the likeliness of the Russian currency to gather further steam in the next months.

Key Quotes

“Russia’s currency rallied back to its pre-Brexit levels as markets are pricing a more dovish Fed in 2016”.

“We continue to be moderately bullish on the RUB in the long term, keeping our forecasts unchanged since the latest FX update, seeing upside risks for our RUB forecasts on the Fed’s extended dovishness”.

“Yet, the start of dividend payments by Russia’s biggest companies in July-early August continues to be slightly RUB negative. Our USD/RUB profile is unchanged: 65.60 in 1M, 63.70 in 3M, 60.00 in 6M and 57.10 in 12M”.