USD/RUB seen grinding lower to 53.50 in 12-month – Danske Bank

The positive outlook on RUB for the next months could help the pair to test the mid-53.00s within a year’s view.

Key Quotes

“Given the change in emerging market sentiment, weaker USD and the RUB rise on improved sentiment, we roll our USD/RUB levels short and medium term. As we remain positive about the crude price and Russia’s macro fundamentals in the long term, we keep our long-term forecast unchanged”.

“We expect USD/RUB to go to 56.50 (1M), to 56.20 (3M), to 55.50 (6M), and to 53.50 (12M)”.