The Central Bank of Russia (CBR) looks set to cut interest rates further (Wednesday). The ruble has rallied over the past month and there are signs that inflation is now close to peaking.
"We have pencilled in a 100bp cut in the benchmark one-week repo rate to 13%." said Capital Economics
But given the extent of the ruble rally, it is possible that the CBR surprises the markets with an even bigger cut in interest rates.