The ruble is trying to stay afloat

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The ruble is trying to stay afloat, relying on the factor of the tax period and good investor demand for Russian debt. In addition, the course was supported by the signals of the Central Bank’s readiness to adhere to a tight monetary policy until at least the end of 2019. However, the external background for the domestic currency have a negative, a key stimulus acts as a sharp decline in oil prices.
Quotations of “black gold” close to the annual lows on the news about growth of stocks of raw materials. Thus, according to the energy information Administration of U.S. Department of energy, inventories of crude oil in the country last week increased to 446,91 million barrels. While market participants fear that a slowdown in the global economy will reduce demand for energy, and do not believe in the ability of OPEC to regulate the market supply.
Indirectly on the foreign exchange market is affected by the deterioration of the trade rhetoric of the US and China. However, the parties can try to find common ground during the talks, XI Jinping and Donald trump on the upcoming G20 summit. Of no less interest to players all over the world represents a possible trump meeting with Vladimir Putin, which will depend on the prospects for the sanctions standoff between Moscow and Washington, as well as the resolution of a number of important geopolitical issues.
Expected trading range for the coming week is 65,05 – 67,05 RUB/USD.
Vladimir Zotov
Operating officer of the Treasury,