The ruble can be significantly reduced before the holidays

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Thursday, December 27, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 86 kopecks (+1,26%), up to 69,56 Euro – 1.55 kopecks (+1,97%), to RUB 79,54
Trading on the Moscow stock exchange opened lower on US dollar and rising Euro. The ruble was trading in positive territory against the us currency five minutes. The first hour of trading closed with growth on ruble pairs. Then, against the backdrop of a downward corrective movement of oil prices, the weakening of the ruble strengthened to the level 69,76 RUB per US dollar. The Euro rose 2%, to the level 79,85 RUB.
The day before quotation of oil increased by 10%, to $55,25 per barrel. The sharp upward movement was caused by a surge of investor interest in risky assets on the background of sharp rise of the US stock market. Market participants bought the cheapened shares and oil futures. Sharp fluctuations caused by reduced trading volumes due to holidays. They will remain in the domestic market before the New year.
Though the Russian currency and is opposed to falling prices on black gold, oil remains a key factor. In the Asian session, Brent crude oil rose by 1.5%, to $of 53.74 per barrel. If the upward trend for oil will remain until the opening of the Moscow exchange, the ruble pairs can be opened by lowering by 30 kopecks from yesterday’s closing. Should not look at the opening of trading, and whether the price to continue moving in the direction of opening.
The tax period ended. The ruble remained without support. Market participants trading in the end of the year against the ruble, you can use the falling dollar to open new long positions. For them he is now “whipping boy”. Technically up to 70 rubles per U.S. dollar all free. If still oil in Asia will continue to rise, it is reasonable to consider the decline of the pair dollar/ruble to 69 rubles, and the Euro/ruble – to 79 RUB
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Vladislav Antonov,
Analyst
Alpari