Ruble tries unsuccessfully to use the tax period for growth

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On Thursday, the ruble was trading inactive, but still tries to show a bullish bias in the pair with the dollar, who can not challenge the mark of 63 RUB, though, and kept nearby. Euro/ruble, and even in a flat that is located in an area of 70,60 RUB waiting for new drivers.
Our currency is showing stability in the face of declining oil prices and deteriorating relations at risk in the world. This happens mainly due to the proximity of the peak of tax payments, a decent demand for local bonds and reducing the volume of currency purchases by the Finance Ministry this month. Locally support the ruble having the weakening of the dollar in the Forex market, where he retreats against other major currencies.
However, in the future, “the Russians” can give slack if the price of oil and not be able to resume growth, and tensions in the stock markets of the world will continue to grow, especially against the backdrop of another escalation of the trade conflict between the U.S. and China in light of recent threats trump to impose duties on the remaining goods from China.
From a technical point of view, the risk of breakout of the level of RUB 63 increases. With the departure of the factor of the tax period, the ruble will become more vulnerable and more sensitive to external stimuli. And in the event of renewed sanctions rhetoric is not excluded sharp jerk of the dollar/ruble North.
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Gennady Nikolaev
Expert
Academy of management Finance and investment