RUB: Broad Uptrend To Remain

Risks of volatility will be pronounced for the Russian rouble in the short term as global market uncertainty weighs on investor risk appetite. Tactically, the rouble will continue to move alongside energy prices, with any major down leg in oil likely to result in a commensurate depreciation of the rouble. In the event of a sell-off, trendline support at RUB36.50/basket will be key to watch, with a break through this level likely to presage further depreciation.

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