The ruble strengthened thanks to the tax period

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Wednesday, April 17, continued the smooth movement of the ruble up. In the evening at the close of trading the exchange rate of the us dollar calculations “tomorrow” fell by 23 kopecks (-0,36%), to RUB of 63.86, and the Euro fell by 19 kopecks (-0,27%) to RUB 72,13 Again, as in the end of March this year, the dollar is testing the mark of 63 RUB, and this contributes to the tax period in Russia.
Released on Wednesday evening, economic review, Federal reserve “Beige book” said that the accelerating economic growth happens only in a few States, but in most US States, economic activity is a “minor” rate.
The majority of respondents in the various States do not expect a significant acceleration of economic growth in the United States this year. Employment in the U.S. remains high, however, a moderate growth of wages does not allow to speak about future inflation. The dollar DXY index weakened slightly after the data. A slight weakening of the dollar further supported the ruble.
Brent oil on Wednesday has fallen in price on 0,45%, to $71.14 per barrel and the ruble has no impact. Russian energy Minister Alexander Novak said on Wednesday that it is too early to speak about preferred options for the extension of the transaction “OPEC”, that probably instilled uncertainty in the punters, previously frightened by rumors that “OPEC” in June may refuse to extend the deal. Commercial oil stocks in Wednesday, the US unexpectedly fell by 1.4 million barrels, while the market was expecting, on the contrary, sharp growth, but the increase in oil prices did not help. This morning Brent crude oil becomes cheaper again, the price is reduced by 0.1%.
Today the auction on ruble pairs can open up to a small correction of the ruble down. We downgraded the Outlook for the pair dollar/ruble to 63.5-64.8 per RUB, and Euro/ruble — to 71,8-72,9 RUB.
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Natalia Milchakova,
Deputy Director of information-analytical center,
Alpari