The ruble accelerated down against the dollar and the Euro
At the beginning of the new trading week, the Russian currency is losing ground, giving way as the dollar and the Euro. The pressure is moderate, but without support from the oil market, where prices are virtually no signs of life in the future our currency will be difficult to hold the position after the completion of the tax period in the country. The us dollar opened a small gap up and the moment touched nearly 3-week highs in the area 63,57 RUB, it continues to progressively clear the path to the mark of 64 RUB
The attention of market participants switched to the fed, which will end on Wednesday and set the tone for all world markets. If rate cut expect almost all potential rhetoric of the regulator constitutes the main intrigue for investors. If the tone of the Central Bank will be less dovish than markets expect, the dollar could go up across the spectrum of the market. In this case, higher-yielding assets, including the ruble, will not receive adequate support from monetary easing of the Federal reserve.
In the short term, the dollar is likely to gravitate toward level 64 RUB after the violation of the integrity level of 63,50 RUB risk Factor for “Russians” remains the subject of sanctions, which resumed at the end of last week, when Washington talked about the introduction of additional sanctions against Russia for support of the Venezuelan government. If speculation on this issue will continue, the attractiveness of our currency will suffer.
_____________________ Gennady Nikolaev
Academy of management Finance and investment