The ruble is based on oil, but remains neutral

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Russian ruble in the middle of the day on Tuesday trading as neutral in a basket of currencies. The US dollar to date is 66,56 RUB and does not change in comparison with the levels of the beginning of the session. Euro falls 0.2 percent and is trading at 76,28 RUB rates of the Central Bank of the Russian Federation on Wednesday, October 10, reduced for the dollar and the Euro and are 66,40 RUB per U.S. dollar (-56 cents) and RUB over the 76,21 € (-77 cents).
Today commodity market is on the rise. A barrel of North sea Brent crude traded at $84,73 (+1%) and is clearly trying to get back to $85, a psychologically important milestone. The correction in oil, thus, was short-lived, and the barrel a little bit not reached to the significant level of support at $82,50, where the bears would be more convenient to take oil lower. This did not happen, and the buyers got an excellent opportunity to buy oil on the local reduction.
Statistics on stocks this week will be published with a delay of a day due to non-working Monday in the United States. In this light, investors rely on rumors about the production and the behavior of the us dollar.
The ruble, in addition to high oil prices, is based today on a neutral picture on the secondary OFZ market. Here has stopped selling, which is positive for the domestic currency. Still, by the way, there is no information from the Ministry of Finance, will be held tomorrow, the auction on placement of OFZ, or the Department has decided to refrain from sales.
The US dollar will finish today’s trading within 66,50-67,15, the Euro closes the day in the range 76,10-76,85 RUB.
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Anna Bodrova,
Senior analyst,
Alpari