The ruble has stabilized, but without oil it will be difficult to grow

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Wednesday, may 23, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 12 kopecks (-0,20%), to 61.21 Euro – by 36 kopecks (-0.75 per cent), to 72,06 RUB Trading volume in the pair dollar/ruble amounted to $4.6 billion (+4,54%), and Euro/ruble – 631,4 million Euro (+16,1%).
The Bank of Russia on may 24, has set the official US dollar rate to ruble at the level of 61,5945 RUB that above the previous close on the COP. 33,35 the Official Euro to rouble was fixed at RUB 72,1826 compared with the previous value, the Euro fell 61,5945 COP.
Trading on the Moscow stock exchange opened higher on ruble pairs and closed mixed. The Russian currency fell against the U.S. dollar and strengthened slightly against the Euro. The ruble during the day was under pressure amid a General rise in the dollar.
Newsmaker for all exchanges became President of the United States Donald trump. He stated that he is not satisfied with the progress of negotiations on trade issues between the US and China, and also warned about a possible postponement of the planned meeting with North Korean leader Kim Jong-UN at a later date.
From the weakening ruble kept the tax period and the successful auctions of the Ministry of Finance of the Russian Federation. The Agency on Wednesday conducted the auction for placement of OFZ. They had placed two issues of government bonds in the amount of 30 billion rubles. the Total demand is 77.1 billion rubles.
In early trading, the dollar recovered to 61,82 RUB on the American session, retreated to 61,33 RUB the Euro has risen to 72,36 rubles., and in the U.S. session has left in a positive zone to level 71,71 RUB.
Thursday, may 24, the day in the oil market has begun with decrease prices. At the time of writing a barrel of Brent is $79,50 (-0,23%). Price six days of trading sideways. Market participants are waiting for new drivers and don’t know to fix them profit from long positions or remain in them in anticipation of a new rally. And from the dynamics of oil prices depends on the dynamics of the ruble in the coming days.
Today the focus of market participants is the minutes of the meeting of the ECB on monetary policy. It is more important for the Euro/ruble. Given that the us dollar in the Asian session, depreciates all of the major currencies, and oil is decreasing, we can assume that the trading on the pair dollar/ruble will be open in the area 61,40 RUB and keep lateral movement as long as oil traders to determine the direction of oil prices.
The ruble is almost completely erased losses from the Euro, which it has incurred from 6 April. Political uncertainty in Italy and weak Eurozone played right into his hands. Technically it is time to consider increasing the Euro/ruble to 75 rubles.
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Vladislav Antonov,
Analyst
Alpari