New Zealand Unemployment and Inflation Debate Intensifies Ahead of 2026 Election 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
RBI Hits Pause as Geopolitical Storm Clouds Gather 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Wall Street Analysts Weigh in on Latest NFP Data 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
BOJ Signals More Rate Hikes as Inflation Risks Rise Amid Energy Price Pressures 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
UBS Projects Mixed Market Outlook for 2025 Amid Trump Policy Uncertainty 
South Korea Signals Possible Interest Rate Hike as Inflation Remains Elevated 
Supreme Court Backs Lisa Cook, Defends Federal Reserve Independence Against Trump Firing Attempt 
BOJ Rate Hike Expectations Rise as Weak Yen and Strong U.S. Jobs Data Increase Pressure 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Fed Chair Kevin Warsh Signals Policy Overhaul as Hawkish Rate Outlook Rattles Markets 
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
