Bullish Momentum To Accelerate

We retain a very bullish view on the Russian rouble over the short run, with the push into a new higher trading range above RUB36.30/basket on October 7 acting as a particularly strong signal. With limited resistance all the way back to the pre-crisis peg of RUB30.50/basket, further steady appreciation toward our long-held target of RUB34.90/basket is looking likely. Oil will continue to be a major benchmark for investor sentiment in Russia, and the recent break above key resistance at US$75.00/bbl for Brent further reinforces our positive outlook.

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