UBS Wealth Management urges clients to cut rouble 'overweight' positions
Tweet
Share
E-mail
A vendor places Russian rouble banknotes into a cash register at a grocery shop in the Siberian city of Krasnoyarsk, Russia, August 6, 2015. REUTERS/Ilya Naymushin
LONDON (Reuters) - UBS Wealth Management called on clients to cut back any Russian rouble overweight positions on Friday, saying the threat of U.S. sanctions was likely to take a toll on the currency.
"We expect pressure on Russia to rise further in the near term, overshadowing sound fiscal and monetary policies," Tilmann Kolb, an analyst in the UBS Wealth Management Chief Investment Office.
"Accordingly, in our FX strategy, we close our overweight in the Russian rouble, which we positioned against a basket of euro and U.S. dollar."
The recommendation relates to UBS WM's Emerging Market FX strategy which clients receive. UBS WM has no position on the rouble in its CIO Global tactical asset allocation which is embedded in the mandates of its funds.
(Reporting by Marc Jones)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nomura/Instinet Starts Clean Max Enviro Energy Solutions (CLEANMAX:IN) at Buy
- Axis Capital Limited Upgrades Blue Star Limited (BLSTR:IN) to Buy (1)
- Rubrik Inc (RBRK) PT Raised to $115 at BMO Capital
Create E-mail Alert Related Categories
Analyst Comments, Forex, ReutersRelated Entities
UBSSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
