The dollar is rising, the pressure on the ruble intensified

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After mixed trading in Asia, where outsiders were Chinese stocks, European stock markets opened with a symbolic growth. On world markets there has been some fading interest in risk on as investor attention gradually shifts to the topic of the trade confrontation between the US and China – through the week the White house will take a decision on tariffs on imports of Chinese goods at $ 200 billion. Also, players have been cautious in anticipation of today’s publication of the second assessment of U.S. GDP for the second quarter. However, if the figures coincide with the preliminary data, trading platforms in General, and us dollar pairs in particular do not show appreciable reaction.
The Russian market has opened mixed. RTS symbolically reduced under the influence of the monetary factors the dollar/rouble opened sharply gap up, surpassing the mark 68 RUB This dynamic reflects the widespread recovery of the dollar, coupled with the corrective sentiment in the oil market that is added to the total intense emotional background in connection with the sanctions pressure. If the purchase of the dollar in the international arena will continue to gain momentum throughout the day, the quotes can reach the area 68,30 RUB, but sure if this mark is unlikely. Index Mosberg grows 0.55%, however, the potential of a more pronounced rise is limited due to the gradual deterioration of the external background.
Forex prevailing interest to purchase a depreciating dollar. However, the traders act very cautiously, including fear of weak data on US GDP. For a more sustained recovery in the USD required bearish signal for risk assets. Euro/dollar stabilized near 1.1670, not losing hope to return above 1.17 after yesterday’s dash to the highs of August. The pound is trading flat, and previously received support in the 20-day moving average at 1.2845. The dollar/yen is also unchanged and is trying to hold above the level of 111.00.
Nathan Lambert
Head of research,
Global FX