FX, bonds and rates weekly

The ruble weakened by 3.4% against the dollar last week to USD/RUB 64.7 amid a fall in the Urals price that declined by 27.3% over the past month. On Monday, the ruble continues to depreciate, weakening by around 5% against the dollar. This week, we do not exclude a shift in trends due to stabilization of the Urals price and the start of the December tax period. Last week saw several rate meetings by leading global central banks, the results of which were in line with market expectations: the Fed, the Bank of England and the ECB raised rates by 50 bps. The UST yields declined, while yields on European markets increased. At its scheduled meeting on Friday, the CBR kept the key rate at the current level of 7.5%. Following the CBR\'s rate meeting, yields on short-dated fixed-coupon OFZs continued to decline amid shrinking volumes, while longer bonds showed a weakly negative dynamic, with their yields adding 3-7 bps. The Minfin held a new set of unlimited OFZ auctions, placing a total of RUB 351.8 bln.