The ruble has risen against the dollar by more than 1%
Well, the ruble strengthened on Tuesday, gaining over 1% against the dollar and the Euro. The pair dollar/ruble finished in the area of 61,80 RUB, making more than 1-month lows. Euro/ruble for the first time since mid-June has touched the level of 72.50 per person RUB.
The demand for the Russian currency is heated as it approaches the meeting of the leaders of the United States and the Russian Federation. On the eve of trump admitted that the dialogue with Putin is likely to be the easiest part of his tour to Europe. This gave the market hope for a constructive dialogue of the presidents and possible warming of relations between the two countries.
The approach of the tax period also has a beneficial effect on the health of the “wood”. All this contributes to the weakening pressure on the ruble in the absence of internal negativity.
In the short term, however, currency risks under a local pressure due to the deterioration of the external background and falling oil prices. America announced a new 10 per cent tariffs on imported Chinese goods worth $ 200 billion. The escalation of the trade conflict has hit risky assets and in the beginning of the session against this background, the ruble may lose part of the points. Brent, meanwhile, retreats to the signs of easing in Washington’s position on sanctions against Iran. In these circumstances, the dollar/ruble, with the big share of probability will open gap up and rise above the level of RUB 62 However, the pressure is unlikely to be long-lasting and powerful.
InstaForex companies group