The ruble ignores the situation on the oil market

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The Russian currency at the beginning of the trading session saves Buddhist calm, showing only a slight increase in the currency basket. However, following the dynamics of the global market, on pairs EURRUB and USDRUB is developing its own trends.
So, USDRUB rising in the morning to 5 cents after strengthening by 8 cents the previous day. EURRUB is at the level of 74.75, losing 12 cents at the start of trading on Wednesday, after a similar decline the previous day. Note that 74-75 rubles per Euro is a very important area, where a couple of methodically buy back in October last year.
At the same time, it is worth remembering that the EURUSD is still far from its levels of support. Gradually sliding down in the previous days, on Monday it fell under 1.14 and was approximately in the middle of the trading range of the past three and a half months. Thus, there is a potential for further decline, which is reflected in the pair EURRUB. Thus, while maintaining a neutral external conditions, the ruble afford to fall to the bottom of the support area, or even touching 74.30 74.
USDRUB reluctant to grow, despite the weakening of oil. Most likely, traders remain wait-and-see position ahead of the rate decision of the Bank of Russia in the upcoming Friday.
Over time, melt the chances that the Central Bank will maintain a hawkish tone for monetary policy. Last week, we see a clear softening of rhetoric of the fed and the ECB. In addition, some of the Central Bank of developing countries lowered their rates.
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Alexander Kuptsikevich,
Analyst
FxPro