The ruble: it All depends on the decision of the Bank of Russia

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The Russian ruble has another day within a narrow trading range. The market is bored without fresh drivers and save power before the advent of the catalysts: they come from the sides or the ECB (today) or CBR (tomorrow), or not coming at all, and then boring hanging out in the range will continue. The US dollar by mid-session trading at 66,34. and almost not changed in comparison with level of opening of tenders. Euro looks about the same and is 75,51 RUB.
The Russian Central Bank has set for Friday, December 14, the following foreign exchange rates: 66,25 RUB per US dollar (-17 cents) and RUB over the 75,39 € (+18 cents).
On the raw area of investor sentiment are changing at lightning speed, but the major trades are in the medium-term corridor. A barrel of Brent costs $59,99 (-0,3%), the date of sale was more. Published statistics from the US Department of energy showed a reduction of raw material inventory has been lower than expected, and the overall situation here stabiliziruemost. The market, I think, already fully played the December OPEC decision+ and ready to consolidate in the broad range of $58 to 63 per barrel Brent.
Later today we will know the ECB’s policy rate there must be maintained a zero and fully complete the QE program. Market reaction will depend on how the authorities will comment on the monetary policy strategy for the next year. But tomorrow, the Central Bank of Russia, predictions about its rate decision vary, but most likely this time it will remain the same. For the ruble it is neutral news.
The US dollar closed trading today in the hallway 66,10-of 66.65, the Euro finishes within 75,20-of 76.30 RUB.
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Anna Bodrova,
Senior analyst,
Alpari