Thursday, January 22, 2009

Ruble Crutches Coming Off Tomorrow

After blowing over a hundred billion dollars propping up its currency, Russia's Central Bank has had enough and beginning tomorrow it has set the weak end of the Ruble's trading range against a basket of dollars and euros at 41. "Bank Rossii has finished with the major gradual correction of the borders of the technical corridor that determines the permissible flucatiations of the value of the dual-currency basket" according to an incomprehensible statement by the Russian Bank... Translation: short the ruble.

The weakest level the ruble will be allowed to fall to against the dollar is 36/$ (at 32.7 currently).

So what happens once that level is hit, say... tomorrow?
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