The ruble has interrupted the growth after reports of sanctions
On world markets, the trend towards a weaker dollar and dominated by the demand for raw materials and promotions. However, the ruble seems to have decided to take a breather, retreating from highs reached recently. USDRUB is back above 63, adding 19 cents after yesterday’s dip. EURRUB traded Friday morning at 71, while yesterday it dropped to 70.65 – lows from April 2018. There is a sense that players want to gather strength before returning to buy the Russian currency.
First and foremost, on the agenda back the word “sanctions”. It happened after the us Congress approved the amendment, which provides for the possibility of restrictions on the purchase of Russian debt. It is only bill, besides, trump has the opportunity to veto it, which explains the very cautious reaction of the ruble.
In addition to the sanctions rollback can explain the traditional Friday by a desire to profit-taking after a strong movement during the week in which the ruble gained 1.5% against the Euro and nearly 2% against the dollar.
While world markets stock indices retain positive dynamics, and oil prices are creeping up, recovering to 2-month highs.
The ruble often not sweet in the second half. In addition, since 2006, much more at the end of July there was a decrease in quotations. This is especially noticeable in 2008 and 2014, during the launch of a large-scale sale of oil. Moreover, during the last 5 years, only July 2017го closed higher.
The weakness of the oil risks also spill over to the ruble, depriving it of external support.
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