Daily Market Monitor: Upcoming economic releases from the United States are of particular importance as they should build expectations

The rouble bond market felt the affects of Monday’s rouble
depreciation, with a correction across the board. We do not,
however, expect the correction to be deep as the yields are already
relatively high (anyone who wanted to unload their portfolios had time
to do so). In the meantime, significant uncertainty on the interest rate
side makes long papers too risky now. Participation in primary
placements looks like a more profitable strategy in the short-term.
The Eurobond market was dormant on Monday due to holidays in
the West. However trade is likely to become more active in coming
days. We see the significant correlation between Russian Eurobond
prices and benchmark dynamics persisting in coming days. After
significant recent increases in global interest rates following the U.S.
Federal Reserve comment on the U.S. economy, the market is in need
of facts to confirm U.S. interest rate plans (and thus their likely effects
on emerging markets).
Upcoming economic releases from the United States are of particular
importance as they should build expectations. The release of U.S.
consumer confidence index (expected at 103 in March) is scheduled
for Tuesday, while the more important figures are expected later.
Wednesday will see U.S. annualized GDP, GDP price deflator and
personal consumption figures, with personal income, spending and
jobless statistics due Thursday.