The ruble has become more sensitive to oil prices

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Ruble strengthens on Tuesday with the support of the rising oil prices, which partly eliminates the nervousness of the players because of the resumption of the topic of sanctions. Moreover, market participants that had developed over the last years, immune to the manipulations of the restrictions from the West, each time restrained react to the rhetoric of American officials. So, in the first half of day the pair dollar/ruble, who recently met with local resistance near RUB 63,60, testing the area of 63.30 RUB.
Upon completion of the tax period, the ruble has become more sensitive to respond to signals from the oil market, where Brent quotes carefully restored. However, the potential for more sustainable growth futures, which continue to “Woo” a mark 64 dollars per barrel, is limited because of doubts of investors in progress in the framework of the forthcoming trade negotiations between the US and China.
In the short term movement of currencies, including the ruble, will likely be restrained due to the caution of market participants in anticipation of the outcome of the U.S. Federal reserve meeting, which will be known on Wednesday evening. Before the verdict was announced, the dollar may settle in the range of 63-63,60 RUB., and in General is likely to be relatively stable.
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Gennady Nikolaev
Expert
Academy of management Finance and investment