Russian Ruble outlook for Q4

Market expects for further stabilization from Russia, even though there are expectations of PMI to fall of 0.2 points to 50 in November, this would indicate that PMI is well over the H1 15 levels.

The economy should not have collapsed ahead in Q4 without a notable recovery, as in Q3. There is little scope for the government on fiscal side to change that.

Sovereign Wealth Fund data is likely to ensure that again, as the government used the funds to balance its budget lately. However, these funds will be used up soon.

"However, over the last days even compared to the oil price movement the RUB showed relative weakness. Concerns are mounting about deteriorating trade relations to Turkey. However, the oil price will remain the main driver", says Commerzbank in a research note.

As a result the ruble market too is waiting for the OPEC meeting on Friday. USD/RUB is at 66.29, while EUR/RUB is at 70.15 currently.