The ruble depreciates against the dollar, but willing to go higher
In the background is not too productive in terms of the macroeconomic agenda of the week is allocated, on the one hand, acrodermatitis oil news, and the publication of quarterly reports of companies in the United States. Speaking of the latter, at the head of the corner now – the results of Amazon and Google, which in this historical context is extremely important, as if disappointed investors may become the tipping point which will cause a large-scale correction in the US stock market with all its consequences.
The likelihood of such correction points in recent years more and more technical indicators, which was joined by more profound factors such as the outflow of funds from exchange-traded funds ETF investing in us high-tech shares, as well as the growing ratio of Put/Call options on the S&P 500 index.
Such important milestones upcoming macroeconomic week’s ECB meeting, and even the publication of US GDP in the last reading – oddly, pales in comparison with the severity of the moment of the quarterly publications of the leaders most susceptible to the negative high-tech sector.
Meanwhile, as of 12:45 GMT, the ruble is barely noticeable stronger in the new details of the “case of the Saudis in Ankara”, which can cause more serious diplomatic confrontation between Washington and Riyadh, despite the tremendous efforts of trump to “hush up” in the name of American commercial interests in the region. In the moment, “the Saudi factor” contributes to a certain recovery in oil prices above $80/barrel, although it is necessary to bear in mind a small correction too rapid growth of spontaneously arising today with the opening of trading in Europe, despite the deteriorating fundamentali last.
In the end, at the moment, the ruble is trading at 65,398 to the dollar, slightly stepping back from previously achieved in the morning mark 65,30, a lower level of resistance line of the two-week range. Further strengthening is unlikely for this reason. In tandem with the Euro, the ruble is much more convincing with opening strengthened by 0.36% to the value of 76,123 rubles per Euro.
Gold although sags from the open market approximately 0.4%, but this movement is by and large only whet dominant in the market, “gold bulls” ahead of the aforementioned ECB meeting on monetary policy, which in the person of Mario Draghi will have to comment on “economic revolt” in Italy, which, as you know, with the words “what are they gonna do?” he refused to follow the orders of the latter to keep the budget deficit at 1.8 percent and dramatically increased it in its plan of state spending by 2019. The objective of gold in mid-January of next year remains at $1350 per Troy ounce.
“International financial center”