The ruble is successfully opposes external background and sales in the oil market

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The ruble on Tuesday afternoon opposed to external background and sales in the oil market. The question is how long will “the Russians” and what investors expect. The US dollar by mid-day trading on 65,37 RUB and adds only 0.2%. Euro rises by the same 0.2% and is 74,96 RUB rates of the Central Bank of the Russian Federation on Wednesday, 24 October, makes 65,31 rubles per dollar (increased by 1 penny) and RUB over the 74,85 € (reduced by 52 kopecks). According to the regulator of the not very well know where it will move in the near future the currency.
In the sector of oil are large-scale sales. A barrel of North sea Brent crude falls to date is 2.3% and costs $77,96. It is at least six weeks. Saudi Arabia is stepping up production of raw materials, and this forces the market to react. In addition, importance will be the political reaction to the case of Jamal Cascade. Traditionally, speculative configured market, the sharper his response.
According to expectations, crude oil inventories in the U.S. last week rose by an average of 3 million barrels. At the same time stocks of gasoline and distillates could shrink by 1.5 million and 2.0 million barrels, respectively. Fresh data on this today will release the American petroleum Institute, tomorrow – US Department of energy. Noticeable than older performance of stocks, the greater reduced the price of black gold.
The ruble is now looking pretty well against the background of the currencies of developing economies. However, its further strengthening at least open to question. The technical picture confirms that is significantly below 65,0 RUB, the dollar is unlikely to go away – any new sale will meet the resistance of those who buys a currency on the decline. Now the market is partly stabiliziruemost factor in the tax period in Russia, but, as we know, it is very short. As soon as the effect runs out, Russian investors will be forced to consider foreign background (the November elections to Congress and comments regarding the “intervention” of the Russian Federation) and what is happening in the segment of oil.
The dollar closed today’s trading in the range 65,10-of 65.55, the Euro and finish in the borders 74,80-75,45 RUB.
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Anna Bodrova,
Senior analyst,
Alpari