The Russian rouble logged gains for third day in a row yesterday, following a government bond auction, which for the first time in a month sold out at close. After a troubled few months for the Russian economy, yesterday’s bond auction was yet another sign that, after the relative de-escalation of the Ukraine crisis, traders are now looking toward Russia with a little more confidence. The rouble further was bolstered yesterday by the deadline for a tax on Russian companies for an estimated 320billion – forcing them to sell off some foreign currency to free up cash to buy roubles.
Elsewhere, the Swedish krona and Norwegian krone both lost ground amid speculation that their respective central banks will look to boost quantitative easing over coming months. The Japanese yen and Indian rupee both performed well. Today is expected to be another relative quiet day on the data-front today, with this evening’s trade balance figures out of New Zealand the only release of note.
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