The dollar was afraid of trade wars and lost to the Euro, the ruble is looking for balance
Russian ruble on Friday, moving in either direction in a basket of currencies. The US dollar was trading at RUB 56,76 (-0,1%). Euro 69,95 rubles (+0.4 percent). Official exchange rates of the CBRF at the weekend and on Monday, March 5, 56,66 make up a RUB for the American currency and 69,46 RUB for Euro. Both estimates revised to increase by 23 and 48 cents, respectively.
Pronounced dynamics of the European currency today is associated with correction of pair Euro/dollar on the world currency market. The dollar’s rally stalled after the US President Donald trump made the decision to impose 25% duty on import of aluminium and steel, thus willing to support local producers. Measure, positive for companies, however, forced the market to think that such a move could provoke a trade war in the world. It played against the us dollar and allowed the Euro to recover.
Oil prices today are slightly slides down. A barrel of North sea Brent crude traded at $63,82 (-0,02%). A barrel of WTI costs $60,94 (-0,1%). Raw has played all news this week, but investors do not hurry to buy sales, even in view of the reduced pressure of the grinbek.
The ruble yesterday, was disregarded by President Vladimir Putin to the Federal Assembly, it will usually not react to political statements of a General nature. The week has been volatile for “Russians”: first, S&P raised the rating of the Russian Federation, and then the attack occurred in the dollar following the speech of the head of the fed Jerome Powell and the decline in oil prices. As a result of foreign currency remains in positive territory for the first five trading days.
The US dollar closed trading on Friday in the range 56,75-57,15 RUB, and still it is very important to get to the resistance at 57,25 EUR RUB finish in the borders 69,80-70,45 RUB.