The ruble ignores the negative external background

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Against the backdrop of widespread risk aversion in global markets, the Russian market started the new trading week on a minor note. The leading stock index in the face index Mosberg and RTS falling almost 1%, reacting to the threat of escalating trade war between China and the United States after Sunday’s trump, dissatisfied with the slow progress of the negotiations, threatened to raise existing tariffs and introduce new tariffs on imports of goods from China. This is an unexpected to investors, the statement shocked the risky assets, which was reflected in the well-being of the Russian market.
The ruble has decided to ignore the General panic, and after a sharp opening gap down promptly closed the morning price gap, returning the dollar to the mark of 65 rubles, and the field of 65.50 RUB reached earlier. Partly the pressure on the ruble is restrained by a renewed growth in oil prices. Brent, scored low in the area 68,80 dollars a barrel, back above the $ 70 mark and feels relatively well, although the return to the old highs of the speech is not coming.
In Forex the dollar is mainly under pressure. Well, the yen benefited from the escalation of anti-risk sentiment, sending the us dollar to the lows at 110.30 region, where the pair found bids and moved to recovery. EUR/USD continues to oscillate around the 1.12 mark after the strong European data, including retail sales, investor confidence index and the business activity indicators in the services sector, all three indicators exceeded analysts ‘ forecasts, easing concerns about the state of the economy of the region. However, the growth potential of the pair is limited due to the avoidance of risks.
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Gennady Nikolaev
Expert, Academy of management Finance and investment