Super-Carry Goes Ballistic as Ruble's Not Atrocious
- Temptation to capitalize on world-beating return intensifying
- Yet ruble seen extending gains despite oil, U.S. rate outlook
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On the face of it, traders have any number of reasons to sell the ruble following its world-beating gain.
The Federal Reserve is preparing to raise interest rates, the price of oil -- Russia’s lifeblood -- has dropped back below $50 a barrel and the U.S. election is just days away. Even history is against Russia’s currency, which has weakened from November through December in four of the past five years.