Danske maintains bullish stance on ruble

The bank has positive outlook for Brazilian real and Mexican peso as dollar bear market remains

russian-rubles
Carry appeal: “Macro fundamentals remain favourable for the ruble’s outlook and oil-price risk points more to ruble upside” – Vladimir Miklashevsky

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The Brazilian real and Russian ruble still offer attractive carry trade opportunities, especially as the dollar’s downward momentum remains unharmed, says Vladimir Miklashevsky, senior economist and trading desk strategist at Danske Bank.

“We’ve stayed bullish on the ruble in the mid- and long-term on appealing carry trade effect, improving macro fundamentals, which include economic recovery, rigid fiscal discipline and solid current account surplus,” he says.

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