The dollar against the ruble on the Moscow stock exchange poteryal 0.56%

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The recovery of the Russian currency continued on Thursday and brought her to 2-week highs against the dollar, which was again subjected to aggressive sales in the international arena. This was the leading driver of strengthening of the ruble with the support of the rising oil prices. Following the session, the dollar/ruble sank 0.56 percent, to 56.37 rubles, while the Euro was confined to a decrease of 0.17% due to more stable positions of the single currency as a whole.
Global markets return to growth, after widespread sell-off in stock markets that we saw last week.
And it supports the Russian currency as a risky asset. Even more important arrangement is the continuing collapse of the dollar, which continues to lose ground on the international Forex market after failing to attract demand even after the release of strong data on the U.S. inflation, which is a bad sign for the dollar.
Let’s not forget that on the eve began in Russia the tax period, which traditionally is accompanied by an increase in demand in the domestic market. And completes the bullish pattern, the rise in oil prices on the combination of technical factors and verbal intervention from the OPEC exporters. All this creates conditions for the development of the movement of our currency in the North.
In the morning this trend persists, the dollar under pressure, Brent crude continues to aim for a break of 65, which failed yesterday, stock markets of Asia (those not gone to celebrate the New year according to the lunar calendar) will rise. From a technical point of view, the dollar has been paved to the mark 56. However, to her breakdown, we need a constant balance of forces until the end of the session, which may prevent small profit-taking before the onset of the weekend.
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Igor Kovalyov,
Analyst,
InstaForex companies group