The ruble has faced difficulties further growth
Since the beginning of the day on Monday USDRUB adds 8 cents to 65.43 and EURRUB rising 13 cents to 73.42. It seems to be a positive external news background was unable to play into the hands of the ruble. Again enough global investors optimism or growth of oil prices: cause for apprehension them still more.
By the way, Brent since last Friday gained more than 2% and crossed the important level of $ 70 per barrel. It happened because of real threats to Iran and Venezuela from the US. Venezuela has sharply reduced production due to economic and political crisis and the new sanctions are able to further reduce oil production in the country with the largest reserves in the world.
Yet, due to the positive dynamics of foreign stock exchanges, index Mosberg got momentum and in the morning on Monday rewrote the historical maximum, reaching the level of 2555. However, in contrast with the growth of the S&P500 by 2% and the German DAX down 4% last week, the Russian market with the advantage of only 1.5% looks pale.
So what is so worried about investors? First of all, the fact that the increased demand for defensive assets can be very inconvenient. Without outside support, achieving historic highs, is likely to result in a higher propensity to lock in profits, once again sending Russian stocks in the direction of the correction.
In favor of the fence say the risks and sanctions against Russia. The third factor is the shift of expectations on interest rates from the Bank of Russia in the direction of decline, which promise to make this year.
Closest focus for the ruble is at 66 rubles to the dollar: a former important support area. Besides, it passes through the 200-day moving average is an important indicator for financial markets. The dynamics of the ruble on the approach to this level can be very revealing.