FXStreet (Edinburgh) – According to Piotr Matys, Analyst at Rabobank, the Russian central bank (CBR) could refrain from easing at its next meeting, keeping rates at 11.0%.
Key Quotes
“We expect the Bank of Russia to keep its key interest rate unchanged at 11.00% on September 11”.
“While the CBR has cut rates by 600bps so far this year, room for further cuts has narrowed considerably since the July meeting”.
“The main reason why we see the CBR pause its easing cycle is the rouble”.
“Following a very impressive start to the year, the Russian currency not only lost its bullish momentum against the US dollar and the euro, but actually weakened to a new year-to-date low in August”.
(Market News Provided by FXstreet)