The dollar falls against ruble, what is happening in the market
On Tuesday the ruble fell by 13 cents to 63.88: this is the minimum level to which a couple is not reached since August of last year. At the same time, the growth of the ruble against the dollar since the beginning of January reached 9.2%, and this against the background of strengthening U.S. dollar against most of the competitors to multi-month highs.
The dynamics of the Euro looks even more frightening. So, the pair EURRUB eve fell 33 cents to 71.50 – the lowest values from April 2018. In this case, the reason for the decline is considered as a weakness of the single currency, which has lost about 0.5% against the dollar intra-day on Tuesday, falling into the area of the minimum value in 20 months.
In other words, the latest wave of Euro weakening to a greater extent problems are the most common currency in connection with the slowdown in economic growth in the Eurozone.
In addition, the U.S. dollar also strengthened against most of their competitors from developed countries. The dollar index rose to the highest since November – and that’s a bad sign for the markets.
Already today, developing the site look more defensive, preferring a defensive mindset in trading.
Oil also retreated from six-month highs, trading near 73.50 Brent vs peak levels at 74.1 due to the strengthening of the dollar. It is also worth to note that the growth momentum of oil in April was very strong. Very often in such a jerky should be a corrective pullback.
The Russian currency soared in April, but in the coming hours and days should be wary to look at the possibility of increasing the ruble.