Oil stopped the growth, but also supports the ruble

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The Russian ruble on Tuesday afternoon retreats to a basket of currencies. While this is a response to the volatile external environment, especially the boundaries of the ranges in ruble pair remain intact. However, there is a chance that in a day or two, the movements will become more specific. The US dollar to date, going up by 0.6% and is 65,39 EUR RUB increased by 0.2% and is 75,38 RUB.
Rates of the Central Bank of the Russian Federation on Wednesday, October 3, amount of 65.22 RUB per U.S. dollar and 75,22 rubles for Euro. Both estimates revised lower by 35 and 76 cents, respectively.
Oil prices have been unable yet to return to the morning rally and konsolidiruyutsya. A barrel of Brent declines of 0.2% and costs $84,87, barrel of Texas light oil WTI rises of 0.3% and is trading at $75,57. On the one hand, the acceleration in prices that we saw this morning, based on expectations that very soon the world will face a shortage of supply of black gold due to “loss” from the supply chain of Iran. On the other – the agreement between the U.S., Canada and Mexico, which replaced the NAFTA, has reduced the tension in the question of the lack of consensus between the producers of raw materials in the region.
The ruble is having a pronounced pressure the U.S. dollar, whose strengthening in recent days, it’s hard to ignore. At the same time, strong oil does not allow the ruble to weaken significantly. September was a fruitful month for the Russian currency, but do not forget that the long-term trend here is downward, from the beginning of the year, the ruble has lost 15% weight in a pair of grinbek.
Today’s trading for the USD closes within 65,30-65,85 RUB, Euro – in the range 75,15-of 76.00 RUB
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Anna Bodrova,
Senior analyst,
Alpari