The ruble is falling in anticipation of a new round of trade war and the OPEC meeting+

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Tuesday, June 19, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 42 kopecks (+0,67%), to 63,87 Euro and by 25 kopecks (+0,34%), to 74,02 RUB Trading volume in the pair dollar/ruble amounted to $5.0 billion (+21,95%), and Euro/ruble – 590,3 million euros (+of 8.81%).
The Bank of Russia from June 20 to set the official US dollar rate to ruble at the level of 64,0683 rubles, which is higher than the previous close at 58,45 COP. the Official Euro to rouble was fixed at RUB 74,1817 compared to the previous value rate increased by 58,45 COP.
On Tuesday trading on the Moscow stock exchange opened higher on ruble pairs. During the afternoon trading the dollar rose to 64,22 Euro – 74,29 to RUB the Ruble fell against foreign currencies on the background of negative dynamics of the currencies of emerging markets and tensions in trade relations between the US and China.
The President of the United States Donald trump is planning to introduce new tariffs on imports from China. Market participants are waiting for a response than China.
In the evening the situation on the currency market stabilized. On the background of the correctional movement of the dollar, the ruble has retreated from the day’s lows, the dollar is in the result reached 63,66 RUB and Euro – RUB is 73.72
Wednesday, June 20, at the center of attention of market participants will remain a trade war between the US and China, as well as the upcoming OPEC meeting+ where the expected decision to increase oil production.
According to the latest American petroleum Institute (API), oil stocks in the country during the week until June 15 fell and gasoline stocks rose. Crude oil inventories decreased by 3.02 million barrels. Gasoline inventories increased by 2.11 million barrels, distillate stocks – by 0,757 million barrels.
Today, a similar report will be published by the U.S. Department of energy. According to the forecasts of the expected reduction of oil 2.75 million barrels, gasoline inventories – by 1.0 million, and distillate stocks – by 1.0 million barrels.
Wednesday, June 20, in the Asian session, the price of oil Brent has grown on 0,37%, to $75,24. The price of black gold in the coming days the movement will keep in the range of $71,60 – $77,75. For the pair dollar/ruble actual target levels are 64,75 65,60 RUB and RUB.
The Euro/ruble c was found resistance at the level of 74.30 RUB Buyers enough to get close to the level of 75 rubles per Euro as pressure on the ruble will increase. For the next five days, the target area for the Euro/ruble is located between the levels to 75.85 and 76,85 RUB.
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Vladislav Antonov,
Analyst
Alpari