The devaluation of the ruble will continue
On Tuesday, the Russian currency continued to incur losses, and in the first hour of trading reached minimum from the beginning of may levels. Dollar after a morning of subsidence returned to growth against the other major currencies, using the demand as a defensive asset that exacerbates the situation of the ruble suffering from a widespread flight from risk.
The Russian currency, which falls together with the assets of developing countries, carries additional losses due to the escalation of trade conflict between the US and China. The basic fears of investors based on the long term deterioration of the Chinese economy, which is always the signal for the flight to defensive assets. So while the two countries continue to share duties and new threats, the nervous atmosphere prevailing in global financial markets would undermine the position of our currency.
The interest in the ruble declines and ahead of the summit of OPEC. There are obvious differences in the cartel to increase production pressure on the oil quotes, which negatively affects the position of the “wood”. Given the increased risks associated with the upcoming event in Vienna, speculators will continue to refrain from purchases of our currency, fearing even greater subsidence rate in the event of a collapse of quotations of “black gold”.
Thus, in the coming days, the pair dollar/ruble, with a large probability will continue to strive in the North, and the attempts of growth of the Russian currency will attract sellers.
The head of the analytical Department of the company,
“International financial center”