Daily Market Monitor: In the absence of significant local news, Russian Eurobonds should continue to closely follow benchmarks

The rouble bond market, inactive before the holidays, should
wake up this week on the back of recent exchange rate movement.
Rouble appreciation against the dollar should become a positive factor
for the rouble bond market, although the risk of reverse exchange rate
movement may limit upward potential.
In the absence of significant local news, Russian Eurobonds should
continue to closely follow benchmarks. The latter should be quite
volatile due to significant volume of economic releases from the United
States in the coming days. In particular, figures for mortgage
applications and the Federal Reserve’s beige book are due
Wednesday, while wholesale inventory, monthly budget balance and
trade balance figures are scheduled for Thursday and Friday. The
latter two should have the biggest influence on Eurobonds dynamics.