The ruble fell due to oil prices and this is just the beginning

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On Friday, the ruble continued to retreat. USDRUB inside the day exceeds 69, the first time since September. EURRUB rose to 78.89, which is also the highest level for the last 3 months.
Global markets continued to lose ground. Thus, the index S&P500 recorded in the asset one day decrease by more than 2%, which suppressed demand in the world markets.
Oil prices also remained under pressure. The price of a barrel of Brent fell by 2.2%, closing the week at $53.60 on the lows of September 2017.
At the start of trading on Monday, the mood has somewhat leveled off. After the partial suspension of the work of the U.S. government at the weekend, investors are cautiously buying back the impulsive sold in the end of last week assets.
At the moment, the pair USDRUB is 68.48, which is 36 cents below Friday’s closing. EURRUB is 77.96 – minus 26 cents from the levels of the end of the week.
At the same time, it is worth considering that on Monday, many stock markets (Japan, Europe and the United States) are closed or will close earlier than usual. The reduction in liquidity could lead to sharp movements in the markets, in the case of the publication of unexpected news. However, the absence of major players is often associated with calm, until the first days of the new year.
Among the important levels of attraction on the Russian currency market it is worth noting the levels of 68 to the dollar and 78 to the Euro, around which, probably, this week will be saved fluctuations. Important round levels in 70 per dollar and 80 euros, where clearly pulling the market at the end of last week, apparently, will be the objective for the bulls in the first days of next year.
Alexander Kuptsikevich