Central Bank of Russia will probably cut rates again

The Central Bank of Russia looks set to cut interest rates further (11.30 BST). The ruble has rallied over the past month and there are signs that inflation is now close to peaking. 

"We forecast a 100bp cut in the benchmark one-week repo rate to 13%." says Capital Economics 

Given the extent of the ruble rally it's possible that the CBR surprises the markets with an even bigger cut in interest rates.