The ruble is falling before the long weekend, waiting for oil data US Department of energy

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Russian ruble on Wednesday traded lower in a basket of currencies. The US dollar is 57,01 RUB and is growing by 0.6%, the Euro is trading at 70,84 RUB (+0,8%). Official rates of the Central Bank of the Russian Federation for the coming long weekend in Russia is RUB 56,80 for the American currency and 70,52 RUB for Euro. Both estimates revised to increase on 30 and 79 cents, respectively.
Commodity market in the middle of the week significantly weaker. A barrel of North sea Brent crude oil costs $64,97 (-1,3%), the General mood in the oil market negative. In published by the American petroleum Institute (API) statistics on oil reserves and petroleum, notes that crude oil stocks rose sharply along with the stocks of distillates, while gasoline inventories decreased.
Bidders statistics was not enough bearish, the situation was corrected factor of the weak dollar. Now in the limelight again are the stats, in the evening a report published US Department of energy. It is possible that here the oil reserves are likely to grow on average by 2.5-2.7 million barrels. Attention should be paid to the performance of stocks of oil at the terminal in Cushing and indicator daily production of raw materials. If both figures will show growth, oil prices likely will fall.
According to the data of the Bank of Russia, the monetary base in narrow definition as of March 2 totaled 9,487 trillion rubles., that on 0,48% below the levels from February 22, when the monitoring was conducted last time. The contraction of the monetary base may be one reason for the strength of Russian ruble, which drew the attention lately.
Today the ruble has not helped the results of the auctions of the Ministry of Finance on placement of OFZ. Before the March break factor upcoming weekend is forcing investors to exit positions: while Russia rest of the world economy will be significant developments from the ECB to the American statistics on the labour market. All of this, the market will regain only in the next Monday.
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Anna Bodrova,
Senior analyst,
Alpari