Survey-Based Expectations

Ebury has communicated its expectation that the Federal Reserve will not implement any interest rate cuts in 2023, a stance that reflects the current sentiment in the market. As a result, the U.S. dollar remains stable at ₽70 against the Russian ruble, amid forecasts suggesting potential further strengthening of the ruble. Market analysts note that the adjusted sentiment score of 7 indicates a prevailing cautious outlook among investors, despite the neutral coverage trend of 54, which highlights a steady interest in currency movements. This backdrop of 'Extreme Fear' sentiment could lead to increased volatility in the foreign exchange markets as traders navigate the implications of Fed policy on global liquidity and currency valuations.