The ruble is under pressure, the government has spooked investors
The Russian ruble on Tuesday afternoon remains under pressure. What is happening in Russia is alarming foreign capital and oil volatility does not add optimism. Few people truly understand the goals of the government, which first reshapes the pension system with the purpose of saving budget funds in the amount of 1.5 trillion rubles., and then does not exclude financial support of the oil industry in the amount of 330 billion rubles On the secondary OFZ market continues to dominate the bears, and in General the demand for currencies of emerging economies in the world are modest.
As a result, the U.S. dollar, to date, is 64,08 rubles (+1%). Euro rises 0.3% and is trading at 74,03 RUB Official rate of the CBRF for tomorrow, June 20, 64,06 make up a RUB for the American currency and 74,18 RUB over the European. Both estimates revised to increase, by 58 and 70 cents, respectively.
The oil market remains in a minor key. A barrel of North sea oil grade is losing 0.7 percent and costs $74,80, Texas black gold retreats even more ambitious. Today and tomorrow the markets will be watching the fresh publication of data on stocks of oil and oil products, but the main focus remains on the upcoming OPEC meeting in Vienna.
Among today’s news noteworthy revision by Rosstat data on industrial production for last year more than doubled. It would seem that the statistics are positive. But, on the other hand, under the wing of the MAYOR Rosstat considers the data as “needed”, and the scheme of calculations and Analytics are becoming so confusing and vague that to understand them is nearly impossible. Industrial production in Russia, maybe, really felt good compared to itself a year earlier, but the failures in the production of construction materials and equipment in other conditions would have on the total index the more serious the impact.
The US dollar closed trading Tuesday near 64,0, the Euro will continue to balance in the hallway 73,80-74,50 RUB.