RUB: Stable Oil Prices To Keep Rouble Supported

Despite recent elevated levels of market volatility, we believe that the latest bounce in the Russian rouble has further to run as recent concerns over a US recession and a blow-up of the eurozone debt crisis look overdone for now. Oil prices have remained well supported during the recent market turmoil, prompting us to single out Russian assets as among the most likely to benefit from a return of investor risk appetite to the market.

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