The rouble endures sales in the oil market

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The ruble was trading inactive at the session Thursday and closed at a small minus to foreign currencies. The pair dollar/ruble, which oscillated around 62 rubles, was closed in the area of 62,20 RUB EUR/RUB, which in time reached at least mid-June to the end of trading and settled in the area 72,63 RUB.
The Russian currency endures sales in the commodity segment, where a barrel of Brent at the time went under the mark of 73. Forces ruble gives a General release of tension in the segment of risky assets amid signs of a possible de-escalation of trade war – there are timid signs of a possible resumption of peace negotiations, the U.S. and China.
Against this background, increased the attractiveness of assets in emerging markets. From domestic factors, “wooden” – the expectation of dividend and tax payments, as well as optimism of investors ahead of the meeting, trump and Putin on Monday, July 16.
The combination of the above factors is quite powerful, to counter the negativity in oil and the strong dollar. The start of the tax period, the ruble will feel the extra support. However, given the lingering risks to the global economy, including because of the trade wars and the threat of a deeper pullback in oil prices with a further fading of the middle East and risk the resumption of activity in the shale deposits of the United States, in the longer term, to count on a significant strengthening of a “Russian” is hardly worth it. Before the onset of the weekend the ruble, most likely, will again conduct a session of close to 62 rubles, and at the opening of the dollar may strengthen.
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Igor Kovalyov,
Analyst
InstaForex companies group