The ruble made a stop but waiting for a new wave of buying
On Tuesday, the rouble has corrected from the highs of August. The dollar held above the level 64. and by the end of the day settled in the area 64,40 RUB, finishing in positive territory. Euro/ruble slightly recovered over the mark of 73 rubles. and scored a symbolic 0.11 percent.
Overall, the fundamental factors still speak in favor of growth of the Russian currency. Tax period, the indecision of the dollar on the Forex market, high oil prices, a fairly active demand for OFZs. At this stage, when the ruble came close to an important resistance level, played a technical factor – the players moved on to a partial profit-taking, while the overall picture remains positive.
On Wednesday, crude oil is trading slightly higher after yesterday’s update lows. The API report showed that crude oil inventories in the US dropped last week, this time by 2.13 million barrels, whereas gasoline inventories fell by 2.79 million barrels. However, quotes do not hurry to update the highs on the back of profit taking.
Given the lack of enthusiasm of the players in the oil market and small upward bias in the dollar on the Forex market ahead of the fed meeting, at the beginning of the session, the dollar/ruble may continue to attempt recovery with the primary goal 64,50 RUB.
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