OppenheimerFunds: until the end of the year we are looking with interest at purchases of the ruble and the Turkish lira

According to the manager of OppenheimerFunds Alessio de Longis, now is a convenient time to keep the position in the currencies of developing countries “above the market” in their portfolio. “We remain interested in the carry trade strategy in the case of the emerging markets segment,” the expert stresses, noting good growth and inflationary forecasts. He believes that such currencies as the pound sterling and the Swiss franc are most attractive for financing carry trade. Such currencies as the Russian ruble and the Turkish lira are the most interesting for purchases.
If today the European Central Bank (ECB) announces plans to halve the monthly volume of purchases of bonds (up to 30 billion), then the euro exchange rate will weaken. The euro / dollar pair (EURUSD) in this case will complete the year in the range 1.20-1.15. As for the US currency, the dollar’s rate is already, to some extent, laid down expectations of tax cuts in the US. However, if the administration of Donald Trump can not advance his tax reform, it will put pressure on the dollar.

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