The ruble is waiting for signals from Helsinki

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The ruble as if caught in a political meeting of the presidents of the USA and Russia in Helsinki, and now ignores the new wave of reduction of prices on oil. The US dollar by mid-day trading on Monday is 62,21 RUB and loses 0,5%. The Euro is trading at 72,82 RUB (-0.4 per cent). Courses of the Central Bank of the Russian Federation on Tuesday, July 17, was 62,25 RUB per U.S. dollar (-4 cents) and for 72.79 RUB for Euro (+33 cents).
Despite the fact that around the meeting of Russian and American leaders a lot of speculation and assumptions, the market is not afraid of the fact that the parties will likely not be able to avoid controversial topics with interference in the elections of the United States. In addition, the agenda remains the issue of sanctions, Syria and a huge list of things it would be better now not to touch. However, the participants are rather positive.
Commodity market again goes down. A barrel of North sea grade Brent crude falling almost 2% and is worth $73,84. Easy barrel of WTI losing 1.8% and is estimated at $68,65. Friday’s statistics from Baker Hughes showing the number of drilling rigs in the US increased by 2 units, to 1054 units. However, the market is nervous, apparently, on the background update of information about the readiness of Norwegian oil to intensify the strike. The experience of the past week perfectly illustrates that on the news the market can move both up and down – it all depends on the direction in which runs the emotional crowd.
The political factor for the ruble remains the main, and so it will be as long as the market doesn’t get your hands on the facts. The US dollar closed trading today within 62,10-62,85, the Euro will finish the session in the range 72,75-73,75 RUB.
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Anna Bodrova,
Senior analyst,
Alpari