The ruble began August with a sharp drop against the dollar
Auction Friday began with a sharp drawdown of the ruble, and rightly so, given the widespread flight from risk triggered by the trump. The us leader promised from September 1 to introduce a 10 per cent duty on Chinese goods worth $ 300 billion, which caused panic in the markets. Against this background, at the opening session, the pair dollar/ruble rebounded above 64,50 RUB, noting the highs of mid-June at around 64,64 RUB.
But “surprises” from trump’s not over. The American leader has signed the decree about introduction of sanctions against Russia for the incident in Salisbury. Details of the decree are not given, but the mere tightening of the rhetoric of States against Moscow is already reducing the attractiveness of Russian assets, including the ruble, which is now more vulnerable due to a lack of dovish rhetoric of the fed that fueled the interest to buy dollar across the entire spectrum of the market.
In addition to the “Russians” depreciating pressure oil, which fell victim to a mass flight from risk assets following the escalation of the trade conflict between the US and China. After yesterday’s collapse by 7%, Brent played for less than 2% and not resolved at a more significant recovery in terms of negative sentiment on global platforms. Against this background, in the near future, the ruble, apparently, will remain under pressure to weaken which is that the statistics on the US labor market, if you come out worse than expected and put pressure on the dollar. Closing quotations above the level 64,50 RUB worsen the technical picture on our currency.
______________________ Gennady Nikolaev
Academy of management Finance and investment