USD/RUB extends its upside during the early European session on Monday. The pair currently trades near 96.40, unchanged for the day. The pair trades i
According to data published last week, Russia's S&P Global Manufacturing PMI for August came in at 52.7 versus the market consensus of 52.1. The figure climbed the highest in three months. Earlier, the Unemployment Rate for July declined to 3.0% from 3.1% in June and 3.2% market expectation.
Apart from this, Finance Minister Anton Siluanov forecast that the Russian economy is expected to grow by at least 2.5% in 2023, with inflation hovering around 6%. He also said that he would work with the Central Bank to take all necessary actions to bring inflation down to the appropriate level. It’s worth noting that the Bank of Russia hiked the interest rate by 350 basis points to 12% on August 15 to halt the ruble's slide amid the the turmoil in Ukraine war.
Market players will take cues from the US Service PMI data due later this week and find opportunities around USD/RUB. The data could offer hints about the path of further interest rate decisions by the Federal Reserve
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