The ruble depreciates successfully and without new sanctions
Ruble continues its gradual retreat. USDRUB decline since the start of the day at 7 cents to 65.40. EURRUB loses 3 cents to 73.45. However, in both cases there was a persistence of a trend in the gradual reduction of the ruble: he quotes ceased to influence external factors. It became clear after a General increase in demand for profitable assets in the world markets literally passed by the Russian currency.
The most significant reason for this change seems to strengthen the sanctions rhetoric. Threats of sanctions on Ukraine and the British “case Skrypalia” added Venezuela, and therefore, the attention of investors is focused on precisely this news.
Despite the decline in recent days, at the end of the first quarter of the ruble by a wide margin has become the most powerful of the three dozen popular world currencies. So, the ruble rose against the dollar by 6.6% YTD, with a big separation from the nearest pursuer – the Colombian peso, with its growth of 3.8%.
Investors understand that as long as there is enough space for a cautious profit-taking after rising. It will be enough to insure themselves from the risk of impending sanctions.
Simply put, the ruble may remain vulnerable to further decline. Technical analysis of the chart suggests that in the future weeks USDRUB can slide in the region 67 and 68.
EURRUB to its nearest potential targets are the levels 74, which had been an important support (that is, the currency is actively bought on dips to this level). In the longer term should look to 75.