CBR to remain on hold… for now – TDS

By FXStreet FXStreet (Edinburgh) – Annette Beacher, Macro Strategist at TD Securities, sees the Russian central bank keeping its benchmark rates unchanged at Friday’s meeting.

Key Quotes

“TD and mkt expect the CBR to take a pause in its easing cycle, and keep the key rate on hold at 11.0%”.

“Since the July Board meeting, RUB has weakened by about 8.5% against USD, largely as a result of the fall in oil prices”.

“Although CPI inflation is expected to be on a downward path into next year, fuel and utility price hikes in July have caused a temporary interruption to this trend”.

“We think that the CBR will err on the side of caution and keep rates on hold, but we think this will be temporary and expect further rate cuts later this year”.
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Source:: FX Street