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China Offers Russia Help With Currency Swap Suggestion
The ruble crisis is rippling through the global wheat market.
As Russia’s currency extended a plunge to a record low against the dollar last week, the nation slowed grain shipments to preserve stockpiles and keep domestic prices in check. Russia is the fourth-largest exporter and the measures spurred hedge funds to triple their bets on higher prices.
Futures jumped to the highest since May last week after an exporters’ association said Russia denied certificates that grain sellers and buyers need. President Vladimir Putin warned Dec. 18 that the economic crisis could drag on for two years, at a time when cold is threatening winter crops in the U.S., the biggest grain shipper.
“If the Russian export ban were any tighter, that would be constructive, because you have to buy wheat from farmers somewhere else,” Gillian Rutherford, who helps oversee $20 billion as a commodities-portfolio manager at Pacific Investment Management Co. in Newport Beach, California, said by phone Dec. 18. “If we were to have problems coming out of winter crops in the U.S., that would also be problematic.”
Wheat for March delivery climbed 4.2 percent last week to $6.3225 a bushel on the Chicago Board of Trade, a fourth consecutive gain. The Bloomberg Commodity Index of 22 raw materials dropped 1.9 percent as the MSCI All-Country World Index of equities gained 2.3 percent. The Bloomberg Dollar Spot Index rose 0.9 percent. Wheat fell 0.5 percent to $6.29 at 1:29 p.m. in Singapore today.
Russia in recession in 2015, ruble to stay pressured: Reuters poll
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Press review
newdigital, 2014.12.26 10:48
Russia Says Currency Crisis Over, But Economic Challenges Remain (based on rttnews article)
Russian authorities said on Thursday that the country's currency crisis was over, but its economic problems are yet to be resolved.
The ruble has recovered sharply in response to the steps taken by Russian authorities to prevent further declines in the currency and to slow inflation. The currency slumped to record lows in the backdrop of falling oil prices.
Last week, the Bank of Russia unexpectedly raised its key rates sharply to 17 percent from 10.5 percent. The massive hike was aimed at limiting the slide in the ruble and risks to inflation.
The state-run news agency TASS on Thursday quoted the country's Finance Minister Anton Siluanov as saying that there were no reason for keeping interest rates high for long.
"As soon as we see that the market situation improves, I believe that the Central Bank will decide on changing the key rate," the finance minister said. "This will provide guidance and influence market rates, which will also fall."
In interviews given to Russian media outlets, Economy Minister Alexey Ulyukayev expressed hope that the country's rating will not be lowered. A downgrade to 'junk' would be 'irrational' as the situation is under control, he reportedly said.
Meanwhile, the finance minister told the upper house of parliament on Thursday that inflation could reach 11.5 percent or higher this year. The budget deficit could be in excess of 0.6 percent of GDP next year, he reportedly said.
The minister also said that authorities are also drafting measures to lower interest rates for systemically important sector, the TASS reported.
Most Brokers now are offering again the RUB pairs but with a higher spread
Fitch downgrades Russia's sovereign rating from "BBB" to "BBB-", outlook - "negative. One notch before JUNK
Fitch Ratings Agency during the early hours of Jan.10 downgraded the long-term foreign and local currency Issuer Default Ratings (IDR) of Russia in national and foreign currencies from "BBB" to "BBB-", of the last stage of investment level.
USDRUB climbs to 69 - Forex Circles
Russia Unexpectedly Cuts Key Rate to 15% from 17% as Economy Eclipses Ruble
http://www.bloomberg.com/news/articles/2015-01-30/russia-unexpectedly-cuts-key-rate-as-economy-eclipses-ruble-pain
Russia Unexpectedly Cuts Key Rate to 15% from 17% as Economy Eclipses Ruble
http://www.bloomberg.com/news/articles/2015-01-30/russia-unexpectedly-cuts-key-rate-as-economy-eclipses-ruble-pain
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USDRUR, M5, 2015.01.30
MetaQuotes Software Corp., MetaTrader 5