Ruble: an Aggressive sale of oil collapse Russian currency
On Friday, the ruble was trading under moderate pressure, which seems quite reasonable, given the recovery in the dollar across the spectrum of the market after yesterday’s collapse. On the eve of the sale of the American currency was provoked by dovish comments of the fed representative Williams. Later, the new York fed tried to mitigate the effect of these statements that led to the renewed demand for USD. Against this background, in the first half of day the pair dollar/ruble is testing a key level 63 RUB, adding in the morning 0,22%.
Not in favor of our currency situation in the oil market. Brent licking his wounds after aggressive sales yesterday, in which prices hit 1-month lows in the area of 61,30, shifting the focus of attention of players to around $ 60. Futures cut losses to a level 63, but the recovery looks fragile, and the overall situation in the oil market remains tense due to the presence of uncertainty on the geopolitical front, and the lingering fears of fading global demand.
Limits the pressure on our currency tax period, peaking for next week. Due to this factor support it is hoped that in the near future the dollar will not make a confident breakout of the level of RUB 63 however, given that the markets have virtually played the July reduction in the fed rate, downside risks for the USD are more moderate, and therefore, the deterioration of the overall situation on world markets “Russian” risks to take positions in the foreseeable future.
______________________ Gennady Nikolaev
Academy of management Finance and investment