The ruble is in need of good news to rise against the dollar
The Russian currency, apparently, not enough national news, but because the main driver of change in prices remain external stimuli. Investors are watching the developments in the US and the Eurozone, trying to evaluate exactly how this will affect the rate pairs with the rouble. After a couple hours of uncertainty at the beginning of the trading session, the pair EURRUB showed an increase to 71,33, and USDRUB – to 62,64.
Additionally, markets await the OPEC meeting, which is to be held July 1-2. Russian energy Minister Alexander Novak announced that will decide on the issue of extending the deal OPEC+ to limit oil production for the next six months only on the results of meetings of the G20. Meanwhile, the September Brent futures on the ICE exchange trading in the red zone, losing 0.19 percent, to 64,06 that in time undermines the ruble.
However too early to draw conclusions: traders interested in what and how tonight they will say during their speeches, the representatives of the fed and the ECB (the speech will start at 16:00 GMT). “Dovish” attitude, which pushes the Federal Reserve System trump is likely to further weaken the already sagging dollar and, hence, to the end of the session, we may see a strengthening of the ruble. So, the President of the United States on Monday wrote in his Twitter that the fed raised rates “too fast” and needs more accommodative monetary policy. Apparently, the response of the fed we’ll hear tonight.
Note that the overall trend of the week for the Russian currency is still rising, however, towards the weekend, we may be witnessing a significant correction.
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