Oil is back lows the beginning of the week

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Oil is back lows the beginning of the week when under pressure in connection with the sale of risky assets on the next round of trade conflict. Night trump instructed to consider the possibility to impose duties another $100 billion in Chinese imports.
The result of Brent fell to $ 67.70 a barrel, losing 70 cents from levels of closing of Thursday. In the minus 0.2-0.3% the major Asian platforms and futures for the S&P500 opened down more than 1%. It creates a negative background for the Russian currency this morning.
However, even on a relatively positive of yesterday’s market dynamics, the ruble has lost ground. The USD / RUB pair gained 26 cents to 57.71 and EURRUB – rose 6 cents to 70.62. The weakening of the dollar is mainly caused by the increase of latest Forex.
Morning negative dynamics of the Russian currency is likely to continue due to the cautious attitude to risk-weighted assets. However, the markets can “postpone” a strong movement until the publication of employment data in the U.S. to make bets based on all available important data.
It is expected that the US unemployment rate drops to 4% and employment will grow by approximately 190 thousand 313 thousand a month earlier. Strong employment growth is able to support the demand for the risks and to support stock markets and oil.
At the same time, at least the influence is able to provide data on wages. The acceleration of wage growth may cause additional strengthening of the American currency on expectations of more decisive attitude of the fed in the coming months.
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Alexander Kuptsikevich,
Financial analyst,
FxPro