The ruble may stay weak against the dollar and the Euro
On Monday, the ruble opened a decent gap, which was not able to close by the end of the session. The pair dollar/ruble, which again ran into resistance near the area of 65,50 RUB, following the results of session have grown on 0,15%, losing some points to the end of the day.
The pressure on the Russian currency has come from the widespread sales of risky assets against the backdrop of escalating trade tensions between the US and China after trump threatened with tougher tariffs against Beijing. Oil also initially dipped in response to the news, increasing the pressure on the ruble. Subsequently, however, the quotes of Brent made a decent rebound, driven by news that the Chinese delegation still intends to go to the talks this week.
After the initial panic in response to tweets trump investor sentiment has stabilized, but tensions on this front remains, therefore the potential growth of the ruble is currently limited. The oil in the morning traded in a small minus, and the dollar is under pressure against major currencies, which are neutral for our currency. The focus is an area of 65.50 RUB, a breakthrough which will exacerbate the technical perspectives of our currency.
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