When It Comes to Ruble, Oil Means More to Citigroup Than Putin
- Ruble's correlation with oil breaking down on currency's rally
- Paris attacks seen repairing Russia's international relations
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Beware the rally in the ruble.
The best-performing major currency in the five days through Thursday is being buoyed by a thaw in relations between Russia and the West following the terror attacks in Paris, and the prospect this will lead to the dismantling of sanctions imposed over the Ukraine conflict. Yet with oil near a six-year low, Citigroup Inc. and Morgan Stanley say the gains can’t last.