Page 56 - RusRPTJul19

7.0 FX
RUSSIA -FX
Currency (units per EUR) (eop)
Currency (units per USD) (eop)
Currency (units per EUR) (average)
Currency (units per USD) (average)
2015
79.7
72.9
67.8
61.9
2016
64.8
61.5
74.4
67.2
2017
68.9
57.6
65.8
58.4
2018
79.5
69.5
74.0
62.7
2Q17
67.5
59.09
62.88
57.14
3Q17
68.04
58.02
69.22
59
4Q17
69.26
57.73
68.78
58.41
1Q18
70.36
57.09
69.88
56.87
2Q18
73.39
62.73
73.73
61.783
3Q18
81.00
69.99
76.02
65.45
4Q18
79.46
69.47
76.11
66.68
1Q19
72.89
64.80
75.08
66.08
Morgan Stanley sees emerging market currencies as favourably placed in 2019, and the Russian ruble best of all, despite a weaker outlook for global growth, as the US dollar is seen being in a bear market, Bloomberg reported on June 25.
"We are bullish," a team of analysts led by James Lord wrote as cited by the agency. @Emerging-market currencies have lagged, but with growing conviction that the dollar has turned, we think that a catch-up is under way."
Morgan Stanley’s favourite currency pick in Europe, the Middle East and Africa is the Russian ruble, which is the best performing developing-market currency so far in 2019. The bank also added a long position in a basket of Latin
56 RUSSIA Country Report July 2019 www.intellinews.com