The ruble is again ready for growth, the dollar is bad

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Yesterday morning, the pair dollar/ruble fell below the value of 56.5 RUB over the “American” is a two-week minimum. And the Euro/ruble reached the level of 70,5. the European currency is a week minimum. Demand for the Russian currency contributed to several factors: the rebound of oil prices, the General weakness of the dollar, continued high demand for OFZ and the expectations of credit rating of Russia on February 23 Agency Standard & Poor’s.
In our opinion, the ruble yesterday, not fully realized its growth potential. And if that will contribute to the external background, he’ll do it today. In the first half of the day’s trading will be reduced because of the exchange of mainland China and South Korea will be closed in observance of the New year according to the lunar calendar.
In the afternoon, the focus will be leaving the US statistics: 16:30 GMT will be published the information about the number of new buildings and issued building permits, and at 18:00 GMT the world will see data on consumer confidence index from the University of Michigan. Finally, at 21:00 GMT, there are data from Baker Hughes on the number of active rigs for the week. Last week, this indicator showed an increase of 26 units to 791 PCs In our view, it was a “statistical outlier” and this time growth will be more modest. This will cool down the oil “bears” and support the black gold and, consequently, the ruble.
The pair dollar/ruble will hold an auction Friday in the range of 56-56,5 rubles. for “American”, and a pair of Euro/ruble to move within the boundaries of the marks 70-71 RUB for Euro.
Roman Tkachuk,
Senior analyst,