The dollar will get support on the background of confrontation between the West and Russia

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At the end of trading on Friday, the ruble moderately sunk in a basket of currencies, while ended the week in positive territory against the US dollar, which has suffered from militancy trump. Crude oil prices had a limited impact on the Russian currency, which remains vulnerable against the background of worsening relations between Moscow and the West. Quotes closed with a slight increase in the area 57,15 RUB EUR/RUB finished of 70.65 RUB, gaining 0.4 percent.
The ruble traditionally ignored the decision of the Bank of Russia to lower the rate by 0.25%, which was expected.
It is noteworthy that the dollar in the international arena declined, while oil rose in price, while our currency was not able to use a combination of these two factors. It speaks about the caution of market participants in relation to speculative buying amid geopolitical tensions between Russia and Western countries. Until the situation is resolved, and traders prefer short-term strategy, gradually reducing long positions on the ruble.
Not felt a noticeable effect from the tax period, which peaks today and will end it on Wednesday. The amount of the payments is relatively small, so the support from that front “Russian” count is not necessary. In the oil market in the morning there was a sharp jerk – Brentв the moment tried to break the level 70, but then fell back and is trading in a decent “minus”.
The dollar remains under virtually total pressure. The flight from risk, which is markedly manifested in the early Asian session, pomogalo. The combination of these factors suggests a neutral opening of the ruble, which will look for new reasons for the return of the dollar under the mark of 57 rubles.
Igor Kovalyov,
InstaForex companies group