Stay long USD/RUB – Societe Generale

Strategists at Societe Generale have recommending going long the cross.

Key Quotes

“Among the high yielders, we are the most bearish on the RUB”.

“The ruble’s strong run has probably ended, and the balance of risks had shifted to weakness over the next quarter or two”.

“Russia’s current account balance is set to dwindle, authorities continue to voice their concern about ruble strength, the CBR could become more active, OFZ purchases by international investors have moderated, positioning is heavy and the complicated geopolitical landscape remains a wildcard”.