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Market Brief
The S&P down the Russian credit rating to junk with negative outlook because the slippy oil costs and tensions in land area unit serious threat to country’s monetary and political stability. USD/RUB tests 70 offers. ought to the sell-off gains momentum on top of 70, we have a tendency to expect the cosmic radiation to intervene to temper the ruble depreciation. The cosmic radiation meets on January 30th and is anticipated to stay the bank discount unchanged at 17 november. Given the commerce pressures on the ruble, we have a tendency to don't expect any cut however. Russia’s gold and forex reserves eases toward 2009 lows, 379.4 billion bucks as of January 16th. With the free-floating RUB, the FX reserves will definitely keep attenuation, thus ought to bring the cosmic radiation to search out other ways to intervene to delay the degrading.

In Japan, the producer worth inflation remained unchanged at 3.6% on year to Dec (vs. 3.5% exp.). JPY crosses listed sluggish in Tokio. USD/JPY has onerous time clearing offers above of} the daily Ichimoku cloud top (118.46) because the weakness in EUR/JPY looks still a constraint, however expected to weigh decreasingly as EUR-complex recovers loosely. The technicals area unit flat on USD/JPY with semi-official names according bid at 117.25/50 area. Vanilla puts path below 118.00, positions area unit mixed between 118.00/119.00, choice bids path on top of 119.00 for nowadays end.

GBP/USD remains well supported before the advance 4Q value print nowadays. The agreement is 0.6% expansion on the quarter (vs. 0.7% prev), and 2.8% growth on year (vs. 2.6% prev). we have a tendency to see potential for short-run rebound toward 1.54 (September-January downtrend top), should 1.5175/1.5204 zone is cleared (21-dma / optionality).

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