Long Term Sell Off Still On The Cards

We believe that the Russian rouble's recent rally has the potential to run further in the short term alongside an extension of the bull run in global financial markets. Having appreciated by 7.1% against the dollar-euro basket it is managed against since February 23, we believe a further move to RUB35.50/basket can be expected in the short run. Risks are weighted to the downside however, and a fall back below RUB39.00/basket amid deteriorating global market conditions would be a signal for a short-term reversal.

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