Top-Performing Currency May Wipe Out All Gains Before Year End
- Kosaty accurately called ruble gains in past two quarters
- Forecast based on less aggressive Fed cuts than expected
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Russia’s ruble will erase nearly all of this year’s gains in the next three months as a strengthening dollar batters emerging-market currencies, according to the most accurate forecaster.
Jaroslaw Kosaty, a strategist at Poland’s largest bank who accurately forecast ruble moves in the past two quarters, says the currency will drop about 6% to 69 per dollar by the end of the year. That would come close to wiping out the gain that has led the ruble to top global currency returns in 2019.