The ruble has received strong support from the oil sector
The ruble on Tuesday received strong support from the oil sector. The US dollar by mid-day 67,74 RUB and retreating 0.4%. Euro losing 0.4% of weight and is trading at RUB 79,14 rates of the Central Bank on Wednesday, September 19, reduced quite significantly and are 67,75 RUB for the American currency and 79,17 RUB over the European. Both scores decreased by 44 and 18 cents, respectively.
By mid-day the oil came in confident after a minor morning. A barrel of North sea Brent crude rises by 1.4% and costs $to 79.15, Texas WTI is not far behind and increased by 1.3% to $69,60. On the one hand, on the coast of the United States continues the hurricane season, and although the force of a hurricane “Florence” has decreased, there is the possibility that the passage of the new hurricanes near oil platforms. On the other hand, “trade war” between the U.S. and China entering a new stage – China intends to meet the States symmetrically and simultaneously with the introduction of against products of Chinese origin from excessive import duties.
Today, the market focus will be fresh data on stocks of oil and petroleum products from the American petroleum Institute.
So, the dollar went down under mark 68,0 RUB and is trading below, but without oil support the Russian currency will not be able to hold on to these marks and will return to the previous range 67,90-68,85. Today’s session for the USD may end with the defeat of the corridor 67,50-68,00 RUB, but then the American currency will have a chance to recover very quickly. For the Euro/ruble likely range of fluctuation is 78,80-79,45.