The ruble may strengthen, but not because of oil at $80

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On Thursday, the ruble again showed that the dominant influence on him have mood in the stock markets and dynamics of the dollar against the currencies of developing countries and not oil price.
The USD / RUB pair rose to 46 cents to 62.19 (+0.7%), almost as many – 42 cents, or 0.6% – added EURRUB, rose to 73.31. All this occurred in the context of taking oil of $ 80 per barrel Brent. Partly due to caution players in the global oil markets came under pressure in the second half of the day, fell back to 79.40 at the time of writing, retaining allowance for the day at 10 cents.
Major currencies the dollar also continued to demonstrate its strength, so the USDJPY touched in the morning mark 111 is high since the end of January and an increase of 6.1% in less than two months.
At the same time, it should be noted that the main competitors of the dollar, the Euro, the pound and the Australian dollar successfully defend themselves, keeping the position of the last few days from an important round levels: 1.18, 1.35 and 0.75, respectively.
This stop attack the dollar can get its development in emerging markets today, because on Friday many players tend to take profits after the strong motion earlier in the week. Besides, today no important releases of statistics from the USA and Europe.
Bulls with the ruble may try to attempt to return below the level of 62 per dollar and may also try to drop the Euro below the level of 73 rubles.
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Alexander Kuptsikevich,
Financial analyst,
FxPro