The ruble is irrelevant because of the tension on the geopolitical front
The ruble was handled and traded fairly steadily during the session Monday. The dollar was unable to return above the level of 63 RUB eventually closed with minor changes. The potential weakening of the Russian currency in terms of a strong dollar capped gains in oil prices.
The ruble is irrelevant because of the tension on the geopolitical front. The present uncertainty in the relations between Russia and the West are still forced by foreign speculators to refrain from new deals, despite high real interest rates. In these circumstances, the widespread strengthening of the dollar only exacerbates the situation of our currency, reducing the chances of its recovery in the foreseeable future.
The top layer, limiting the pressure on “Russians”, at this point is oil, which had upgraded the long-term highs, however, were not kept at the reached heights. At the start of the session, the ruble will win back the rollback of the quotes of black gold, and further strengthening of the dollar. Thus, in the first half of the day dollar/ruble may test 63 RUB.
Further, in the commodity segment, there may come a lull in waiting for the verdict of trump on Iran, which will be announced at 21.00 GMT. The reaction of the oil market on this decision, the ruble will win back at the next session. It is not excluded profit-taking in the framework of the strategy “sell the fact”, and this is another risk factor for the Russian currency in the short term.
InstaForex companies group