Oil is adjusted, the trade war started

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Today, the ruble reduced to a basket of currencies. However, due to the fact that earlier in ruble-denominated instruments not noticed too violent reactions, unlike other assets and vapor, today’s gloomy external background has little influence on the behavior of the Russian currency. By mid-day the dollar is worth of 63.24. and rises by 0.2%. Euro strengthened by 0.3% and stands 74,04 RUB.
Courses of the Bank of Russia on the coming weekend and Monday, July 9, reduced to the U.S. dollar and the Euro RUB to 63.12 per dollar (-14 cents) and from 73.90 RUB over the Euro (down 6 cents).
In the commodities market correction takes place. So far, no one go down was really productive, but who knows, maybe this time the bears will be more persistent. A barrel of North sea Brent costs $76,66 and reduced by 1%. Barrel of WTI Texas crude oil is trading at $72,77 and just lose 1%. Statistics of U.S. Department of energy, this time not confirmed previously planned trend in the decline of oil reserves and showed a small increase. This surprised the market and the “melted” remains “bullish” attitude to mixed numbers.
On the world currency market grinbek is like glue, despite the fact that today entered into force a the us increased duties at the Chinese products. This could cause a new storm of volatility, including in the currencies of emerging economies, but for some reason not caused. However, this moment is worth watching.
The U.S. dollar will close July first week within 63,05-63,45 RUB, if the evening is not going to happen no market stress. The Euro, finishing around 74,0 RUB.
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Anna Bodrova,
Senior analyst,
Alpari