Appetite To Go Long RDXUSD, Funded Upside Strategies Attractive

​Investors are increasingly considering going long RDXUSD through long-dated options. Russia looks cheap and earnings momentum has reversed, after dollar earnings per share in emerging markets fell during H1 2015. Given still-elevated volatility levels on the downside and with spot levels still quite depressed, strategies that sell knock-in puts to fund calls or geared call spreads appear attractive.