The rouble can continue growth against the strong dollar

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The well-being of the ruble has improved this week. There is the desire currency to the restoration of the lost last month positions. But encroachments are limited due to the presence of opposing drivers. The dollar remains strong, and correction of a local character, attracting demand drops. In such circumstances, our currency is difficult to obtain conditions for a rollback, especially on the sanctions front remains uncertain.
The bullish trend on the dollar is one of the main factors constraining the impulses of the ruble. Meanwhile, the internal signals are quite favorable for “Russians”. April statistics indicated improvement in several economic indicators on the agenda may be a question of easing of budget rules (amid higher oil prices), and speculators – though carefully and gradually return to the market. At least, about it tell results of yesterday’s auction the Ministry of Finance: the Ministry has placed OFZ two series of 30.1 billion rubles, with demand at 77.1 billion. In other words, the demand is more than twice oversubscribed.
The growth potential of the attractive “wooden” at this stage limits the overall cautious attitude of international investors in relation to risk-weighted assets. The meeting of leaders of the United States and the DPRK in jeopardy, trump dissatisfied with the progress of negotiations with Beijing, and threatens the world with new taxes – now on car imports. All this created a cautious environment in the world in General and emerging markets in particular. As soon as the total degree of tension will begin to subside, the ruble should be added strength, but this will be insufficient for a sustainable recovery.
Roman Blinov,
The head of the analytical Department of the company
“International financial center”