The ruble is ready to develop the offensive to the dollar and the Euro

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Reacting to a moderately positive external background, Russian stock indexes on Monday traded in a symbolic positive territory. The constraint for a bearish correction in the oil market, where the concern of the players about the situation in Libya began to decline. In the second half of day the index of RTS Mosberg and increase by 0.15% and 0.3%, respectively. Previously, the interest in risk has increased on the positive corporate reporting in the United States and statements of U.S. Treasury Mnuchin are approaching the final stage of trade negotiations with China.
The ruble continues to prevail over foreign currencies, despite the absence of significant factors. Today starts the tax period in Russia, which traditionally will support the Russian currency in the next two weeks. The pair dollar/ruble, which at the start of the session, the updated 3-week lows on the way to around RUB 64, is trading lower by 0.15%. From a more robust recovery, the ruble holds the oil, which retreats from 5-month highs at the beginning of a new week.
Brent came under profit-taking amid the decline of geopolitical tensions in the conditions of overbought. Quotes lost dialed in Friday points and try to hold on to the mark 71. Also a certain pressure on the market by the Baker Hughes data, reflecting the increase in the number of drilling rigs in the U.S. for another two units. Daily close below level 71 a barrel would mark a slight deterioration in the short-term technical picture for Brent.
Gennady Nikolaev
Expert, Academy of management Finance and investment