The ruble continues to fall smoothly

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On Wednesday, the ruble again showed mixed dynamics and restrained, will continue to give the dollar slightly strengthened in tandem with the Euro, which dipped on the international market Forex. The Russian currency remains under moderate pressure in terms of the indecision of oil and the strengthening dollar, which limits the manifestation of the effect from the tax period.
The dollar is slowly but surely continues to win back losses in the international arena. Sustained and restrained nature of the recovery is reflected in the dynamics of the pair dollar/ruble, who was stuck under the 20-DMA in the area of 56,70 RUB, since the beginning of the week adding a little more than 30 points. Oil continues to trade with a bearish bias, not succumb to “persuasion” of OPEC countries and focusing on risks from the United States. On the eve of Brent crude in the flat due to the unexpected reduction of stocks of crude oil and 900 thousand barrels (according to API), but that’s definitely not enough to return to the game of bulls – barrel cheaper again opening the gap down.
After an initial drop in response to the publication of the fed minutes, the dollar strengthened across the spectrum of market in tandem with the yield on 10-year treasuries, which creates conditions for today’s start of the ruble with a downward bias. But pressure, apparently, again will be limited by tax period and expectations of tomorrow improve Russia’s rating by the leading agencies. The breakdown level 56,70 RUB will improve short-term technical prospects of the pair dollar/ruble.
Igor Kovalyov,
InstaForex companies group