The ruble is growing, the dollar made a stop
In tandem with the counterparts, the ruble strengthened on Wednesday after yesterday’s drop to new lows Feb. The pair dollar/ruble is adjusted by a quarter percent, having tested the area 66,50€, and if the quotes will be able to gain a foothold below this mark, the short-term technical Outlook our currency a bit.
For the most part, the current recovery of the ruble due to the cooling demand for the dollar. This confirms the growth of many other currencies against the USD which is losing ground after dovish statements from fed officials calling for more aggressive policy easing. As the main arguments of the officials lead the inversion of the yield curve of treasuries and far-reaching consequences of a trade war with China.
Meanwhile, oil has “Russian” only symbolic support. Despite the rebound from 3-week lows reached on Tuesday, Brent is experiencing difficulties with the development of upward momentum after threats trump on “much more stringent” conditions to the transaction with Beijing after his re-election in 2020.
In the short term, the dollar/ruble is likely to continue oscillating in the range of 66-67 RUB In the case of the emergence of new “soft” comments from representatives of the Federal reserve the price will gravitate towards the lower boundary of this channel.
Academy of management Finance and investment