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Latest PMI report revealed that economic downturn is not done with. PMI index, which is a gauge for manufacturing slipped to 48.3 in July from 48.7 in June. A number below 50 indicates contraction and vice versa. Russian PMI has remained below 50 mark for eight consecutive month.
Key highlights -
- Output dropped for third consecutive month, indicating slowing demand.
- New orders and business continued to decline both in domestic front and from abroad.
- Due to weaker Rouble, input costs have surged, however companies as of now are not passing onto the customers.
- Jobs continued to get lost in the sector.
To add further to the woe, oil prices have slumped significantly over last few weeks.
- Price of Brent benchmark has fallen towards $50/barrel. Currently trading at $50.6/barrel. Oil is the major export revenue generator for Russia, which along with lower price, facing tougher competition from other oil exporters.
Active trading call -
- Long dollar against Rouble from 54, next target lies at 63. Small positions can be added targeting 70 mark, however expect higher volatility. Buying at correction is advised.
