The attractiveness of the dollar keeps the ruble under pressure

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The price of oil (July futures) on Wednesday, may 16 15.07 MSK decreased by 0.9% to 77,69 USD per barrel for Brent. The market of black gold corrected down after the recent updates of the highs from the end of 2014 above $ 79 a barrel.
Some pressure on the oil quotes had data from the American petroleum Institute (API) that for the week ended may 11, the oil reserves in the US grew by 4,854 million barrels, while analysts were expecting a decrease increased to 763 thousand barrels.
In addition, the International energy Agency (IEA) estimated that countries outside of OPEC, in April, have fulfilled their obligations by 80%, after 84% in March.
Against this background, the ruble unimportant day mixed were changed to the dollar and the Euro. Strong position of “American” due to the increased likelihood of a rapid tightening of monetary policy of the fed that pushed the yield on 10-year us Treasury bonds at highs since 2011 – around 3.09% per annum.
As a result, 15.14 GMT the dollar has been rising since the start of trading by 0.25% to 62,48 of the ruble, the Euro was down 0.2% to 73,62 of the ruble. Until the end of the day, the U.S. currency will fluctuate in the range of 62-63 of the ruble, the Euro – in the corridor 73-74,2 rubles. The price of oil in rubles remains near multi-year highs – 4,850 per barrel for Brent.
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Ivan Marchena,
Analyst
GK Forex Club