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In the second half of the year, we can expect a strengthening of the ruble
By the beginning of August, the ruble fell below the level of 73 to the dollar and 87 to the euro, returning to the levels of the beginning of July. In the second half of the year, we expect the ruble exchange rate to strengthen in the dual currency basket...
The Moscow Stock Exchange index will play back part of Friday's drawdown
The Russian stock market looked very weak on Friday, falling by almost 0.9% due to the sell-off in America. Today is a good time to win back at least part of this drawdown.
The ruble is strengthening against the background of lower inflation
The Russian currency again broke through the mark of 73 rubles to the dollar and 87-to the euro, returning to the levels of the beginning of the month.
The external background calls for a small correction of stocks and the ruble
The Russian market continued to rise yesterday, adding 0.6% to the Moscow Stock Exchange Index. The growth could have been large, and the ruble indicator could well have returned to the ascending channel, if not for the decline of Norilsk Nickel by 2%.
The Fed has taken a new step to reduce the volume of bond purchases
Following the results of the July meeting, the Fed kept the rate at the level of 0-0.25%. The volume of asset purchases of $120 billion was also maintained, of which $80 billion is accounted for Treasury bonds and $40 billion is for mortgage agency bonds.
Mortgage rates in Russia are returning to a doc-like level
A sharp increase in the key rate against the background of a record five-year inflation in Russia, which is around 6.5% year-on-year, as well as changes in the conditions under the state program of preferential mortgages will lead to an increase in mortgage rates to the pre-pandemic level in the coming months. In this regard, already in 2021, we can expect a slowdown in the growth rate of both mortgage lending and housing prices.
OFZ profitability is falling due to the growth of non-resident demand
The yield of ten-year OFZs fell below 7% per annum – previously it was at this level in mid-March of this year.
