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Russian Central bank has moved against expectation to provide relief to ailing economy. As FIFA scandal hit Russian market pushing Rouble close to 55 against dollar from below 50 within two weeks.
- Today's move by the central bank has now brought main refinancing rate to 11.5%. The aggressive move by the bank suggests, further rate reduction is likely as economy stabilizes faster than expected after last year's massive move.
- Central banker Ms. Elvira Nabiullina has been cutting rate in rapid face this year, which led investors flocking money into Russian governments. The Central Bank has cut by 200bps in January, 100bps in March and 150bps in April and 100bps today.
Against popular expectations of holding policy steady, the central banker's move might once again lead investors to flock into Russian debt and to short CDS.
If US Federal Reserve, sounds dovish this week gain of Rouble against dollar could fasten up.
Rouble is likely to test the 50 area once more, with stop around 56 against dollar. Rouble is currently trading at 54.8 against dollar.
