The ruble is kept afloat with the support of the Ministry of Finance and the fed

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Wednesday, January 30, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” has decreased by 54 kopecks (-0,83%), up to 65,50 Euro and by 25 kopecks (-0,34%), to 75.20 RUB.
Wednesday turned out to be a favorable day for the Russian currency. High demand for OFZ and rising in price oil has supported her throughout the trading session.
The Finance Ministry has successfully placed two issues of OFZ in the amount 23,64 billion rubles from the proposed 25 billion. the Demand on the two issues of bonds exceeded the offer in 3 times and % to 86.49 billion.
Brent crude rose to $62,64 per barrel on fears that US sanctions against Venezuela would lead to a sharp reduction in fuel supplies to the market.
A key event for all exchanges began a two-day meeting of the open market Committee fed (FOMC) press conference of the head of the American regulator Powell’s. The FOMC decided to leave key interest rates unchanged in the range of 2.25% – 2.50 percent.
The dollar index reacted to the sharp decline in statements by the fed that the financial regulator will take a wait and be patient when making decisions about bidding. The dollar immediately covered the new wave of sales. The ruble strengthened against the dollar to RUB 65,36, Euro to RUB 75,12 Profit to Euro was less. Growth was limited by the increase of the Euro/dollar by 75 points, to 1,1502.
Thursday, January 31, in the Asian session, Brent crude is trading in positive territory by 0.68%. Trading on Moscow exchange will open with a decline on ruble pairs. Today in the USD/RUB target area is around 65,30 € If the designated level will not stand, then with high probability on Friday or Monday we will see the fall of the dollar below 65 rubles to the level 64,75 RUB.
For the pair EUR/USD as the target can be considered a mark 74,95 € If after yesterday’s rally on global foreign exchange market will start the downward correction on the main currency pairs, it is possible to reduce the target 74,95 RUB to RUB over the 74,70 euros.
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Vladislav Antonov,
Analyst of information and analytical center,
Alpari