MACRO VIEW: USDRUB UPDATE: THE RANGE NARROWS
USDRUB continues to trade within borders we defined in our last update, however the range has narrowed. (see related idea)
As volatility compresses, and the price is trading between upper 1st standard deviation from 1-year mean and lower 1st standard deviation from quarterly mean, there current range now is 62-66.5
USDRUB is very correlated to WTI Oil, which is also now range-bound, so it is very likely that the Ruble will break away from its range when WTI Oil makes the first move
As volatility compresses, and the price is trading between upper 1st standard deviation from 1-year mean and lower 1st standard deviation from quarterly mean, there current range now is 62-66.5
USDRUB is very correlated to WTI Oil, which is also now range-bound, so it is very likely that the Ruble will break away from its range when WTI Oil makes the first move
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