The ruble is left without support against the greenback
The ruble was trading inactive on Wednesday and ended the session with minor changes. High oil prices gave the currency to sink, and geopolitics – grow. As a result, the pair dollar/ruble closed down 0.06 percent, in the district 65,20 RUB EUR/RUB gained 0.13 per cent, to RUB 73,29
Dollar felt worse than the day before, both due to the expression of interest to risk and weak economic data from the US. Due to this, the pair did not attempt the climb up to 65,50 RUB and higher, the more that the oil is in a high position.
From the level of 70 dollars per barrel of Brent crude rebounded slightly and is trading to the downside in the morning session Tuesday. Energy Ministry data showed that last week crude oil inventories in the US increased by 7.2 million barrels. In General, the market reaction was relatively mild, which indicates the willingness of the bulls to push quotes above when you are prompted to the driver.
Given that the dollar and oil are under some pressure, the pair dollar/ruble may open neutral, whereas for a strong breakout below the level of 65 rubles. need a new leap in oil prices.
____________________ Gennady Nikolaev
Academy of management Finance and investment