The ruble, “Stock storm” has not prevented sustainability

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The ruble spent a quiet week, only occasionally breaking the limits of the narrow range of 65.55 – 65,85 RUB/USD. On the dynamics of the course has not significantly affected neither the end of the tax period or the sharp drop in oil prices on Thursday.
However, the first days after the November holidays will be for the domestic currency, a period of uncertainty, however, the main risks lie in the political arena. Investors will study the content of new sanctions against Russia in case of their introduction, as well as to monitor closely the progress and results of the meeting of presidents Vladimir Putin and Donald trump in the background of the recent threats to break the INF Treaty.
“Black gold” continues to fall in price against growth of stocks and production in the United States and other countries-producers of raw materials. In addition, market participants somewhat reassured information about Washington’s readiness to ease the sanctions regime against Tehran, allowing individual consumers to store small amounts of supplies from this country.
Thus, the ruble is unlikely to expect that in the medium term, oil will unfold for growth and support.
As for the dollar, its position will largely depend on the outcome of Congressional elections: Republicans win with high probability will lead to the strengthening of the American currency, while the leadership of the Democrats or the situation of the split will make its prospects much more uncertain.
Expected trading range for the coming week is 65,15 – 67,15 RUB/USD.
Vladimir Zotov
Head of Directorate of financial markets