U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
U.S. Urges Japan on Monetary Policy as Yen Volatility Raises Market Concerns 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Fed Confirms Rate Meeting Schedule Despite Severe Winter Storm in Washington D.C. 
Wall Street Analysts Weigh in on Latest NFP Data 
ECB’s Cipollone Backs Digital Euro as Europe Pushes for Payment System Independence 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Bank of Japan Likely to Delay Rate Hike Until July as Economists Eye 1% by September 
Stock Futures Dip as Investors Await Key Payrolls Data 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
ECB Signals Steady Interest Rates as Fed Risks Loom Over Outlook 
We remain MW RUB in the GBI-EM Model portfolio, but are bearishly biased, holding USDRUB call spreads. YTD the ruble has been the strongest performer in EM FX, with a spot around +7.2% stronger against USD.
However, in our view risks from current levels are skewed to the downside, given expensive valuations and geopolitical uncertainties. And geopolitical concerns remain.
Geopolitical risks continue to linger, and if were to materialize, could generate bouts of capital outflow pressure. With the budget rule in place, our economist forecasts the CBR to purchase around $67bn of FX on behalf of the budget rule in 2019, from the $100bn projected current account surplus.
This is our view does not leave a strong buffer to deal with such potential capital outflow bouts. Accordingly, we hold 26-July-19 USDRUB 67/71 1x1 call spreads (at spot reference: 68.002 levels). Courtesy: JPM
Currency Strength Index: FxWirePro's hourly USD is flashing at 105 (which is highly bullish) while articulating (at 13:24 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
