The price of oil is unable to help the ruble

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In the absence of fresh positive news, investors have already digested the strong data from the US and China, slowed down the attempts of the Russian market to continue the upgrade was not successful, although a moderately positive attitude is maintained. European indices are trading in modest positive territory, and oil, after short-term profit-taking resumed its rise and again approaching 70 dollars a barrel, having met resistance near $ 69,50. Afternoon index Mosberg and RTS increased on average by 0.3%.
The ruble is trading under a slight pressure, but not in a hurry to take positions, although the recent speculation about new sanctions have definitely hit on the attractiveness of the currency. The pair dollar/ruble, which yesterday marked the maximum 65,77 RUB, is located under the mark of 65.50 RUB, elevating within the day a quarter of a percent. The position of the “Russians” is aggravated by the fact that the dollar demand in the Forex market, strengthening against other major currencies. In these circumstances, even high oil prices are not able to return the ruble to the path of growth.
In General, the markets continue to follow geopolitics and Economics. Regarding the first factor, here the attention has been focused on trade negotiations between the US and China, which will resume on Wednesday, but already in the States. In economic terms the market is gradually starting to switch to Friday’s statistics on the labor market, in which investors will judge the prospects for monetary policy.
Gennady Nikolaev
Expert, Academy of management Finance and investment