The dollar can give a chance to the rouble to grow more

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The Russian market on Monday to be cautious. Auction beginning of the week opened unconditional buy it, but then the mood of the investors were divided: some remained aloof from active acquisitions, someone tried to fix previously obtained profits. Index Mobimii is fixed in the range 2410-2450 points, it looks pretty stable, and if the current lull is just a pause after the rally, the indicator remains a chance to resume the ascent and continue to update the highs. If not, then an interesting support levels below current range abound.
Rally in crude oil has led today a barrel of Brent to highs since November 2014 and $80,93. Now the black gold is trading slightly lower, but the stock mindset is clearly visible. At the meeting of the technical Committee of OPEC+ over the weekend discussed the possibility of raising the daily production quotas by 500 thousand barrels, but no solutions and recommendations developed were not.
The ruble continued to rally the fortifications. This is pure commodity support, multiplied by the buyers belief that the administration of Donald trump and do not impose the most stringent sanctions against Russia this fall. I would not so disparage this probability, “tightening the screws” against Russia is a favorite pastime of the White house lately, when I get tired of everything else.
The dollar may still have to retreat, and this is the time when the sellers of yesterday’s pair dollar/ruble will be looking for a place to enter positions. After all, it is very restless period. The us currency closed today about 65,80-66,15 RUB, tomorrow will depend on the dynamics of oil, the Euro/ruble will finish within 77,45-of 78.00.
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Anna Bodrova,
Senior analyst,
Alpari