The dollar kept steadily before the announcement of fed’s decision on rate

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Russian ruble in the middle of the week remains in a weak position in a basket of currencies. The sharp deterioration of the situation there: expensive oil, the markets are “green”. However, the attitude to the ruble remains at least cautious, not yet resolved the standoff with Britain. The US dollar by mid-day 57,55 rubles (+0,05%). Euro rises of 0.4% and is trading at 70,69 RUB Official rate of the CBRF for tomorrow, March 22, 57,49 make up a RUB for the us currency and 70 and 56 RUB per Euro. Both estimates revised lower by 21 and 67 cents respectively.
The commodity market continues to Shine with positivity. The barrel of Brent rises in price on 0,8%, and costs $67,93. Today’s levels are the highs from February 6 this year. The technical picture allows for the possibility of breakdown of $68 and moves higher, to $68,45 per barrel, where is the line of intermediate resistance.
Yesterday’s statistics from the American petroleum Institute gave the bulls strength. So, stocks of crude oil decreased by 2.74 million barrels, with a simultaneous drawdown in gasoline stocks of 1.06 million barrels and distillate stocks at 1.93 million barrels. These data significantly stronger than expected, according to forecasts. Tonight official opinion on this matter will publish the US Department of energy. Average expectations do not change: the oil reserves could grow by 2-3 million barrels. Stocks of gasoline and distillates likely fell. It is unlikely that the market will show any pronounced response if the stats match with the expectations, and on the contrary, will react violently if the data confirm the API report.
The dollar remains relatively strong in a pair of ruble at the expense of a stable position in anticipation of the closing of a U.S. Federal reserve meeting. Everything about the March rate, already included in the price, but the tone and content of comments the Federal reserve Chairman Jerome Powell, impossible to predict. The more aggressive will be its characteristics in terms of economic health and the clearer are the intentions of the fed to raise not three, but four times this year, the better for the grinbek. The pair dollar/ruble closed today’s trading in the range of 57,40-58,10 RUB over the of the dollar, the Euro/ruble – in the range of 70.40-71,25 rubles per unit European currency.
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Anna Bodrova,
Senior analyst,
Alpari