The ruble as Investors flee to safe assets

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The ruble on Friday strengthened marginally after a few days of correction before the meeting of the Board of Directors of the Central Bank. Controller with high probability, will retain the key rate at the current level, given moderate growth of inflation. An additional argument in favor of this solution – the position of the U.S. Federal reserve, which decided to take a break in the cycle of monetary policy tightening.
Meanwhile, the external background for the domestic currency – moderately negative: investors go to safe haven assets due to worries about the world economy and the uncertainty over the negotiations between Beijing and Washington.
“Black gold” to the end of the week fell under the influence of pessimistic economic forecasts. At the same time, the continued confrontation between the authorities and the opposition in Venezuela and the adoption of the us sanctions against the Bolivarian Republic prevent the decline of quotations below a mark 60 dollars/a barrel of Brent.
Expected trading range for the coming week is 65,15 – 67,15 RUB/USD.
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Vladimir Zotov
Operating officer of the Treasury,
UBRD