The Russian Ruble experienced its worst daily drop in 16 years

• The Russian Ruble experienced its worst daily drop in 16 years, tumbling as oil prices fell to their lowest level in 5 years. These losses were partly recovered as investors felt that both the ruble and oil had been somewhat oversold.

• Weaker than expected Chinese data meant a bad start to the week. The Chinese Manufacturing Purchasing Managers’ Index (PMI) figure from China registered at 50.3 – lower than forecast at 50.6, showing a slowdown in growth for the sector. This again brought the outlook of the world economy into a dimmer light as the growth of China has been a key driver in the last few years.

• There was also PMI data from Poland yesterday morning – clocking in at 53.2, the result was better than the forecast of 51.1. The polish zloty could potentially see a short-term boost and the main event for this week will be the Monetary Policy Committee (MPC) meeting happening tomorrow.

• This morning we saw the Australian central bank keep interest rates at 2.5% as expected.

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