There's More Than Just Bromance Helping Ruble Ignore Crude Slide
- Ruble trading stronger in July as Brent crude slumps 10%
- Deutsche, Morgan Stanley like ruble, OFZs regardless of summit
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The day President Donald Trump met Vladimir Putin, oil collapsed to a three month low. Ruble traders didn’t seem to care a jot.
The cozy performance by the two leaders at the Helsinki summit may have encouraged some investors that geopolitical tensions between Russia and the U.S. won’t escalate. But Deutsche Bank AG, Rabobank and Morgan Stanley listed a host of other reasons why the ruble and Russian local debt can brush off the steep downturn in oil. While Russia’s key export earner has slumped more than 10 percent this month, the ruble has so far posted a 0.4 percent appreciation.