The ruble maintains a high demand for OFZ and oil

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The Russian currency continues to strengthen amid uncertainty in global markets. Investors prefer to wait and not mess with risky instruments, causing emerging-market currencies lose value against the dollar, which in turn depreciates in benefit of the asset havens – the Japanese yen. However, the ruble shows the opposite trend: thanks to the high demand for OFZ, rising oil prices and high dividend domestic companies the rate has appreciated by almost 1.5% over the past five days, and apparently intends to test the mark 64,50 rubles per dollar.
Crude oil prices rise due to tensions in the middle East and hints of OPEC members about a possible extension of the agreement to reduce production. However, the influence of positive factors is weakening – at the forefront of the next aggravation of relations between the US and China: Donald trump signed a decree according to which a presidential administration can block access to the American market is any company that represents a threat to the country. Apparently, the first company entered in the list, is the Chinese giant Huawei.
However, in the short term, the negative impact will be limited, so the course will continue may strengthen to 64,50 rubles per dollar. Today investors will closely follow the speech of the fed Chairman, whose statements may shed light on the economic situation in the country.
Gennady Nikolaev
Academy of management Finance and investment