The ruble has lost its former support, then only a drop

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Yesterday the auction on ruble pairs once again closed higher. The dollar rose 1.26% to 65,48 Euro – on 0,84%, to RUB 73,12, pound – on 1,28%, to 85,34.
After the holiday of spring and labour market participants decided with the opening of the trading session to sell off the existing assets of the ruble. Their reaction was followed by depreciating oil until Mobira not worked as well as the decline in interest in risky assets.
A barrel of Brent fell by 2.45%. Due to the increase in production and reserves of oil in the US, but also strengthened the U.S. dollar downward correction was deep.
The oil reserves in the USA last week increased by 9.9 million, to 470,6 million barrels, production to 12.3 million barrels per day. I think that buyers are in no danger, as long as the price is trading above $ 70. Price has corrected 50% of the rise from $63,99 to $75,58. If buyers will be able to close the day rising, the next week the price will continue.
The opening of trading on Masuria is quite full. In the next 2-3 days from a couple of the dollar will repeat the correction movement, about similar to what it was from 25 to 29 April. But then the dollar strengthened with 63,65 RUB to RUB 64,98 After the may holidays already seen the level of 66.13 RUB may minor for ruble starts. _____________________
Vladislav Antonov,
Analyst of information and analytical center,
Alpari