A further increase of the rouble under question

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Despite the fact that European stocks are trading mostly in positive territory, the Russian market shows a moderately negative trend at the auction on Thursday. Overall risk appetite looks fragile – Asian stocks slipped due to weak industrial production data in China, and trump statements about the lack of jumping to the conclusion of a trade deal with China have only added fuel to the fire. In the second half of day the index of RTS Mosberg and decrease by a quarter percent.
The ruble, meanwhile, managed to update more than two week highs against the dollar at around 65,27 RUB where already corrected and is held near its opening levels. Partly the lack of development momentum associated with the rollback in oil prices. Morning Brent in the moment pierced the mark 68, updated 4-month highs, where I met the offer and moved on to a technical correction. Apparently, the testing level 68 work as a signal to lock in profits at attractive levels, while the overall attitude of the players remains positive.
While prospects for the further strengthening of the ruble at the moment is indeed bleak, at least in the short term. First, the oil market may be brewing a deeper correction. Second, the dollar/ruble closer to the mark of 65 rubles, which will not break so easy. Third, the dollar moved to the widespread growth of the Forex market that may scare off the bulls on the ruble and forcing them to go into shadow.
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Gennady Nikolaev
Expert, Academy of management Finance and investment