The ruble and oil prices rising again in tandem

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Wednesday, November 7, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 21 kopecks (+0,32%), to 66,32 Euro – 37 kopecks (+0,50%), to 75.87 RUB.
Trading on the ruble exchange rate ended lower. His loss was insignificant because the ruble pairs are still trading in tight ranges. After the elections in the U.S. Congress, the ruble in early trading rose against the dollar to RUB 65,83 Believe that he was influenced by the oil market, not elections.
The democratic party won a majority in the House of representatives and the Republican party strengthened its position in the Senate.
Both parties support the introduction of new sanctions against Russia, therefore, market participants ignored them. But the recovery in oil prices by 2.5% ruble had in mind. Oil has risen on rumors that Russia and Saudi Arabia are discussing the possibility of reducing oil production.
On the American session, the ruble has lost all points earned by going into minus due to stronger dollar and lower oil prices. Recent data from the US Department of energy recognized an increase in oil reserves in the country over the past week.
The focus of bidders will be a meeting of the Committee on operations in open market FRS of the USA. It is expected that the basic rate will be maintained at the current level without change. Since the rate hike is expected in December, then attention may switch to the dynamics of oil prices and stock indices. Their growth will boost demand for riskier instruments that have a positive impact on the ruble.
On Friday, Washington will host a high-level meeting of representatives of the United States and China. It is also an important event because of a trade war have a negative impact on the yuan and risky assets. Oil is trading in positive territory. Opening for the pair dollar/ruble is expected in the area of 66,20 RUB and EUR/RUB – on level 77,55 € If the price of oil will continue to recover, from the pair dollar/ruble is expected consolidation within the boundaries of the 65,80 – 66,40 RUB in EUR/RUB trading range for Thursday is 75,50 – of 76.00 RUB the Big players remain in short positions futures dollar/ruble.
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Vladislav Antonov,
Analyst
Alpari