Back
13 Nov 2014
Rouble to get increasing support from a higher oil price in 2015– Danske
FXStreet (Barcelona) - Analysts at Danske Bank view that the oil price is likely to bottom out in the coming months and will support Ruble throughout 2015.
Key Quotes
“The rouble has sold off heavily and the question is whether the sell-off can go even further or if we are close to a buying opportunity. We think that the rouble is getting cheaper but not yet undervalued.”
“However, our view is that the oil price is likely to bottom out in the coming months and will begin to recover in line with a continued pick-up in global growth in 2015. This means the rouble is likely to get increasing support from a higher oil price throughout 2015. This should help reduce the pressures on the rouble in the medium term.“
“Our new USD/RUB forecast is therefore 49, 51 and 51 on three-, six- and 12-month horizons. Overall, this is slightly more negative than forwards on a three-six month horizon and fairly ‘neutral’ on a 12-month horizon.”
Key Quotes
“The rouble has sold off heavily and the question is whether the sell-off can go even further or if we are close to a buying opportunity. We think that the rouble is getting cheaper but not yet undervalued.”
“However, our view is that the oil price is likely to bottom out in the coming months and will begin to recover in line with a continued pick-up in global growth in 2015. This means the rouble is likely to get increasing support from a higher oil price throughout 2015. This should help reduce the pressures on the rouble in the medium term.“
“Our new USD/RUB forecast is therefore 49, 51 and 51 on three-, six- and 12-month horizons. Overall, this is slightly more negative than forwards on a three-six month horizon and fairly ‘neutral’ on a 12-month horizon.”