The dollar: Experts predict the fall of the ruble

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On Tuesday, the ruble showed mixed and restrained dynamics. The currency fell slightly against the dollar and strengthened slightly against the Euro, reflecting the General downward trend of the single currency on the international Forex market. Following the session, the dollar/ruble gained 0.15% and closed at RUB 57,60 Euro/rouble has fallen in price on 0,11% – to RUB of 70.65
The ruble continues to resist to external negative, although yesterday the situation has improved. Oil prices partially recovered, and from the West was not alarming news. Members of the British military research centre Porton Down couldn’t prove that “Rookie” who was poisoned Skrypali, was produced in Russia. This has eased pressure on the domestic courts, which nevertheless remain in suspense, as segment risk assets in General due to the ongoing confrontation between the US and China.
Today the Treasury will announce the amount of intervention in April, which with high probability will be increased on the background of higher oil prices in March and, consequently, increasing oil and gas revenues. The ruble usually kept reacting to these decisions, however, the increase in purchases of foreign currency definitely will not contribute to the growth rate.
In the morning the dollar is trading with a slight decline, and oil, after a partial rebound before again under pressure, which forms the neutral condition to the opening of trading on the ruble. To make adjustments in the dynamics of the “Russians” in the second half of the day will be able the mood in commodities after the release of the US Department of energy. A further increase reserves and production prevent recovery of Brent, which will serve as a negative signal for the ruble. If during the day the demand for the dollar will come back, it is possible to test the resistance area in the area of 57,80 RUB.
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Igor Kovalyov,
Analyst
InstaForex companies group