No change in view.
We are in an extreme level of RUB weakness for very well understood reasons. The future looks very bleak for the currency amid the sanctions that are getting worse everyday. Further, the ongoing situation in Ukraine, as long it continues, will provide weakness for the currency.
Technically, we are severely overbought, and sure we do not know the future, if assuming we may see a light at the end of a tunnel one day, the currency will correct back towards 100-110 and settle in that area. For now, I expect wild movements and maybe correction back to 115 and then an assault on $ 150 and up.
We are in an extreme level of RUB weakness for very well understood reasons. The future looks very bleak for the currency amid the sanctions that are getting worse everyday. Further, the ongoing situation in Ukraine, as long it continues, will provide weakness for the currency.
Technically, we are severely overbought, and sure we do not know the future, if assuming we may see a light at the end of a tunnel one day, the currency will correct back towards 100-110 and settle in that area. For now, I expect wild movements and maybe correction back to 115 and then an assault on $ 150 and up.