The ruble is falling, the situation on the oil market remains tense

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After fall of Asian stock markets, negative, began trading European stocks, where the main outsider is the German DAX 30, losing 0.5 percent. Investors continue to flee risk in the background of the response of China after the introduction of new fees from the US. The renewal of concern about trade wars discourages investors from buying in the stock markets, whereas Forex, the dollar resumed its strengthening against the European currencies, but down versus the yen, which naturally is in demand as a defensive asset.
The ruble continues to retreat, having opened with the gap down and updating the lows of the 9th of may. * Dollar strengthens to success beyond the level of 63 RUB, approaching the region 63,50 RUB in Addition to anti-risk sentiment, weighs on the ruble, capital flight from emerging markets, which as development trends can serve as a very serious negative factor for our currency. Also “Russians” is feeling the impact of strengthening dollar and falling oil prices.
However, after the morning update the lows 2 months old near отметки72, quotes Brent found support and trying to recover, moving towards level 73.
The situation on the market of “black gold” remains intense. Disagreements within OPEC+ to increase the extraction force players to get out of long positions before the summit, which will take place this week. It is possible that in the coming days we will see a new wave of sales in the raw materials segment, particularly if exporters cooperating as part of the transaction, will continue to signal the need to increase production to avoid supply shortages in the global arena.
Nathan Lambert
Head of research,
Global FX