The ruble has recovered well, reaching 10-day highs
On Monday, the ruble recovered well, reaching 10-day highs against the dollar. The pair dollar/ruble, which at the time was touched mark 62,60 RUB, went down in the area 61,43 RUB, losing almost 1%. Euro/ruble marked the lows of April 9, in the area of 72,30 RUB.
The strengthening of the Russian currency was due primarily to local factors – slowing bullish momentum of the dollar in the international arena and the resumption of growth in oil prices in the second half of the day. Under these conditions, the ruble could be supported by exporters, who have intensified the sale of foreign currency in preparation for the peak of tax payments, which will be next Friday.
The market of black gold come interesting signals. Quotes are unable to develop the downside correction that began on Friday and attracted buyers to the attempts of the recession. This confirms the seriousness of the bulls, which seem ready to attack new highs, with additional support on fears of us sanctions against Venezuela after the re-election of Maduro.
However, the further increase of our currency in the same rate is unlikely, if the dollar goes to the defense in tandem with the yield on treasuries. Only in the event of a loss in upside momentum of the dollar will be possible to complete the restoration of the ruble. Current proclivities are of a local character and is not a threat to the overall bearish picture.
In the short term “wooden” may attempt a test region 61,40-61,30 RUB, the breakout of which will open the way to level 61 RUB But sure, a break of this psychological level until we can hardly expect.
InstaForex companies group