The ruble has all the chances of a further rise against the dollar
On Friday, April 12, the ruble has grown, but regardless of the Day of cosmonautics, in space, no one flew. The Russian currency rose against the dollar and the Euro very carefully, especially the Euro. In the end, to close Friday’s trading, the U.S. dollar calculations “tomorrow” has decreased by 26 kopecks (-0,4%), to 64.35 rubles, and the Euro lost only 3 kopecks (-0,04%), falling to 72.7 per RUB.
Brent crude on the ICE on Friday, rose 0.7%, to $71.14 per barrel, rising well, but again, not “cosmically”. The Minister of oil of Iran Bijan Zanganeh on the Iranian state TV channel actually presented an ultimatum to the President of the United States Donald Trump in his own words about a “fragile world”, only interpreted differently. According to Zanganeh, trump needs to decide whether he wants to continue pressure on Iran through an oil embargo, or to maintain low gasoline prices in the United States. Oil has risen on the statement Zanganeh.
Today in morning trading, a barrel of black gold is getting cheaper, losing 0.34 per cent, probably because of the slightly underrated on Friday news that, according to a weekly report from Baker Hughes, the number of active drilling rigs in the U.S. stopped falling and rose by two units to 833.
The head of the Bank of Russia Elvira Nabiullina, being in Washington at the spring meeting of the IMF and the world Bank, said in an interview with Russian media that the Central Bank see more preconditions for the reduction of the key rate than its increase. She also noted that, according to the calculations of the Central Bank, the peak annual inflation rate has already passed. This news may create further preconditions for the strengthening of the ruble on the eve of the meeting of the Board of Directors of the Central Bank’s key rate, scheduled for April 26.
We believe that trading on ruble pairs today can be opened in different directions. We again leave unchanged the Outlook for the pair dollar/ruble in 64-65 RUB and EUR/RUB a little increase to 72-73,2 RUB.___________________
Deputy Director of information-analytical center “Alpari”