Oil price could not affect further growth of the ruble

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Oil prices update highs by the end of 2014, and the ruble is still uneasy. Currency ignored yesterday’s surge of purchases in the market of black gold, and happily turns a blind eye to a further rise of prices during today’s trading. What explains the complete lack of response from the “Russians”?
First, in the context of the wider picture it is necessary to mention a significant decrease in the level of correlation of the ruble and oil, which moved almost in unison. Because of this, by the way, the ruble price of oil does not cease to break records.
Second, all other factors say if you are not in favor of weakening our currency, at least against its growth. It is primarily the intervention of the Ministry of Finance, who this month are very aggressive in nature due to the increase in oil revenues.
Also, in a considerable degree, the ruble is holding back the continued nervousness in the segment of developing assets and risk assets in General. Despite the decline of geopolitical tensions on the world stage there are still many unsolved questions, and that the suspension affects the well-being of such risk-sensitive currency, the ruble.
In addition, the bulls on the dollar up again against the next attempt yields on 10-year treasuries US to break through the coveted level of 3.0%. The last time the American currency is mainly in defensive positions in the international arena, but it does not prevent it to prevail over “wood”, who, it seems, will not help and starting today the tax period. At least not this week.
Roman Blinov,
Head of analytical Department,
“International financial center”