Taxes, the only support of the ruble in the coming days

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The current week is tax. Monday to payment of excise tax, mineral extraction tax and VAT will go 983 billion rubles, and on Thursday, June 28 245 billion will be spent on income tax. Of course, these payments support the Russian currency. In General, the situation in Europe remains poor. Continued exit of investors from the assets of emerging economies. Over the past week from the funds of ETF EM was derived for the year a record amount of funds – 3.8 billion.
An additional negative factor for the ruble may be falling oil prices. After the decision of OPEC to increase oil production by 1 million barrel oil prices fell 1.5 percent. It can be expected that the price drop will continue and the market will test $ 70. per barrel. It is obvious that this negative trend would be bad for the ruble. While trade in USD-the ruble is near 63 rubles.
Significant resistance lies at around 63.50. If this barrier will not stand, then the dollar may strengthen fast to 64. In the case of aggravation of the situation on the world markets, and this has all the prerequisites – it is primarily a trade war with China and Europe, the ruble probably will be under serious pressure. Until the situation is stable, no big sales in the stock market or the market of rouble bonds is not observed.
Ivan Kapustyasky,
Senior analyst,
Forex Optimum