It would be premature for the Bank of Russia (CBR) to cut at this time. Inflation in Russia remains elevated at 15.7% y/y in September and it is expected to stay at the same level in October. Weekly inflation has picked …
It would be premature for the Bank of Russia (CBR) to cut at this time. Inflation in Russia remains elevated at 15.7% y/y in September and it is expected to stay at the same level in October. Weekly inflation has picked up slightly due to recent RUB depreciation. A cut at this time would likely increase RUB vulnerability, argues Barclays.
This week Brent oil prices fell below $47 per barrel, causing the RUB to depreciate back to 65 after temporarily touching 62 earlier this month. Further RUB weakening could risk sparking renewed inflation pass-through. Recall that in July 2015, the CBR continued cutting rates while the RUB was weakening, which led to further deprecation and a reacceleration of weekly inflation.
The CBR is expected to keep its key rate on hold at 11% for a second consecutive meeting on Friday (30 October), says Barclays. The Bloomberg consensus is split evenly between those calling for a cut and those that think the CBR will remain on hold.
Gold prices edged lower on Monday as stronger-than-expected U.S. nonfarm payrolls data dampened hopes for aggressive Federal Reserve rate cuts, bolstering the dollar. Spot gold slipped 0.1% to $2,686.32 an ounce, while F…
On-chain data shows BTC whales moved 10000 BTC from Crypto exchanges. This indicate accumulation of BTC by whales. Japanese public company Metaplanet buys another 1 billion yen worth of Bitcoin. According to Santiment, t…
Personal income increased by 0.2% month over month In August, which was less than the 0.4% market forecast and less than the 0.3% growth in July. For the third consecutive month, real personal disposable income increased…
