Ruble: the Struggle for the level 63 of the ruble will continue
After the intraday fluctuations of the ruble slightly lower against the dollar and rose against the Euro, reflecting movements in the international Forex market, where the single currency fell victim to the widespread demand for “American”. Following the session, the pair dollar/ruble, which at the time was the area of 63.30 RUB, finished near the psychological level of RUB 63 Euro/ruble is located in the region of 73 RUB.
Despite the rather aggressive buying of the dollar across the spectrum of the market, the ruble managed to minimise losses, largely due to high oil prices, which added another 3%, though subsequently partially corrected. In addition to the situation with Iran and the pressure of the trump on its allies, the optimism in the commodity segment brought the report of the energy Ministry, which reflected the reduction of crude oil reserves of almost 10 million barrels – the most since October of 2016.
Also, the Russian currency is kept afloat by expectations of a meeting of leaders of the Russian Federation and the United States. The day before trump confirmed that their negotiations will take place in Helsinki. The players hope that the dialogue between the two presidents will create the conditions for the tension in relations between Moscow and Washington.
In the short term, the ruble will continue to be guided by two factors – the dynamics of the dollar and oil. Brent remains in a high position, although not decided on the break of the level 78. If in the near future resource segment will receive additional recharge of the “Russians” would have increased strength to fight for a level 63 RUB.
InstaForex companies group