Ruble: to Keep from falling harder
The ruble, which has recently become increasingly difficult to hold the position after the completion of the tax period, moderately stronger on Wednesday, but overall the price movements are limited because of lower trading activity pending the decision of the Federal reserve. The pair dollar/ruble, which had new highs in the area of 63,70 RUB, located in the area of 63,40 RUB, decreasing by 0.1% from the beginning of the session.
Some support for our currency gets from the oil market, where Brent quotes trying to defend the level of $ 65 per barrel, trading at 2-week highs. However, judging by how hard customers push the futures in the Northern direction, to rely on more sustainable and large-scale rise of Brent in the near future should not.
Meanwhile, the market participants ‘ attention shifted to the fed meeting, which will end tonight, after the closure of the Russian market. So, the ruble will respond to the regulator’s decision on Thursday. There is a danger that the Central Bank does not give clear hints on further rate cuts, which could be a disappointment for a segment of risky assets, including the ruble, which in this case will fall victim to the widespread strengthening of the dollar. Till the verdict of the Bank, the dollar is likely to oscillate close to current levels.
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