Trump Demands Powell Resign Over Fed Renovation Cost Overruns 
Wall Street Analysts Weigh in on Latest NFP Data 
ECB May Stop Rate Hikes After December, Capital Economics Says 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Fed Unveils Stablecoin Rules Under GENIUS Act 
BOJ Set for Rate Hike as Inflation and Yen Pressure Mount 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
Japanese Yen Retreats as Dollar Rises Ahead of Fed, BOJ Rate Decisions 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
Fed’s Williams Signals One More Rate Hike Before Year-End 
Add as a preferred source on Google
We remain MW RUB in the GBI-EM Model portfolio, but are bearishly biased, holding USDRUB call spreads. YTD the ruble has been the strongest performer in EM FX, with a spot around +7.2% stronger against USD.
However, in our view risks from current levels are skewed to the downside, given expensive valuations and geopolitical uncertainties. And geopolitical concerns remain.
Geopolitical risks continue to linger, and if were to materialize, could generate bouts of capital outflow pressure. With the budget rule in place, our economist forecasts the CBR to purchase around $67bn of FX on behalf of the budget rule in 2019, from the $100bn projected current account surplus.
This is our view does not leave a strong buffer to deal with such potential capital outflow bouts. Accordingly, we hold 26-July-19 USDRUB 67/71 1x1 call spreads (at spot reference: 68.002 levels). Courtesy: JPM
Currency Strength Index: FxWirePro's hourly USD is flashing at 105 (which is highly bullish) while articulating (at 13:24 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
