The ruble is in no hurry to grow after oil

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The ruble continues to strengthen. The US dollar by mid-day trading on to 65.69 rubles (-0,2%), the Euro, dropping 0.1 percent and is trading around 77,25 RUB the Courses of the Central Bank of the Russian Federation on Wednesday, September 26, 65,82 be lowered and RUB over the American currency (-33 cents) and RUB over the 77,38 € (-30 cents).
The commodity market is pushing upwards and does not stop in the rally. A barrel of North sea Brent grade of oil is more expensive to date 1% and the 82.04. This is a new local record in four years.
If the beginning of the acceleration in prices was seen in the results of the meeting of the monitoring Committee of OPEC, today’s rally is just ripped off the brake from buyers. Update annual maxima non-stop without fresh information and catalysts could mean a run of speculators, aspiring to the technical target of $90. Venezuela, with its decline in production, “trade war” between the US and China, the anticipated shortage of supply of black gold in the world because of the loss of chains of the Iran – all this was known before, but it now works synergetic. And the oil continues to rise.
Now we can see that the pair dollar/ruble, pretty oversold, no longer in a hurry for the oil dynamics. Although it is still works support passing in these days of a regular tax period in Russia. The dollar may stop falling around support within the boundaries of 65.55-65,65 RUB There, probably grinbek will try to consolidate before receiving new information from the fed.
Today’s auction for the US dollar will finish in the range of 65.50-66,25 roubles, for Euro – within the boundaries 77-78,00 RUB.
Anna Bodrova,
Senior analyst,