The price of gold is helping the ruble to grow
Many wonder today why the ruble, spotikatsya most of this year, that is, when the slightest breeze, suddenly turned out to be remarkably stable amid escalating stock market crisis in the United States. As of 11:30 Moscow time the Russian currency is trading at 66,02 at the opening level 66,27 rubles per dollar. Against the Euro the ruble strengthened by 0.48% to 76.44 rubles per Euro.
The reason for this unexpected, enviable for many currency GEM, sustainability must be sought in recorrelation Russian stock indexes with the us (today with the opening index Mosberg gaining 1.1% and the RTS index almost 1.6%, while yesterday, all three US stock indexes closed in the red zone, losing a day in the area of 2.2-2.5% after 4% of the total losses a day earlier).
We already wrote that in the end, Russian assets have a real chance to show my “a” game, as because of sanctions the share of non– residents- the ultimate beneficiaries of the market has declined from ~80% in 2008 to the current 30-35%. Full recorrelation, most likely, will not happen, but the dynamics of the Russian currency and indices in the near future may differ significantly from the corresponding figures for the entire market GEMs in General and, especially, indicators in the United States.
Secondly, the ruble is helping the growth of quotations of gold, which, as you know, our Central Bank actively buys in the reserves. As of 11:45 GMT Troy ounce of gold is worth $1217,37 after reaching a high of $1226,20 during the U.S. trading session. Judging by the degree of nervousness of investors, it is likely that gold is closer to the beginning of the Chinese New year according to the lunar calendar, which is celebrated in the second week of February and is accompanied by increased activity of end-users in relation to gold and other precious metals, if the current trends and moods, the gold has all chances to climb significantly above $1300 per Troy ounce.
Do not forget that today officially starts the season of the publication of quarterly corporate reports in the USA, which many fear, could add fuel to the fire. Hardly will disappoint us figures of us banks, which at this time begins the next ekstravaganza, since banks, in General, benefit from the strengthening of the dollar against foreign currencies, and higher interest rates. However, with regard to almost all other major sectors
us stock market – all of them are under immense pressure these same factors, so that the disappointment with the records of the same technological chips – almost predetermined.
“International financial center”