Second stage of EM rally?
After previously tracking the reversal (see attached: "Another key reversal in play in USDRUB") finally the break of 65 has come. From a technical standpoint this was important as it unlocked the 62.5 lows.
Russia has been one of the out performers on the currency board so far this year and I continue to see scope for more gains, irrespective of the very near term reversal in dollar.
The risk here to the setup is coming from sanctions related risk. Russian authorities have been quick to take measures to insulate the economy (reaction to DASKAA bill).
Best of luck all those trading EM and thanks for keeping the likes and comments rolling
Russia has been one of the out performers on the currency board so far this year and I continue to see scope for more gains, irrespective of the very near term reversal in dollar.
The risk here to the setup is coming from sanctions related risk. Russian authorities have been quick to take measures to insulate the economy (reaction to DASKAA bill).
Best of luck all those trading EM and thanks for keeping the likes and comments rolling
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