The ruble suddenly got a boost

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Thursday, August 29, at the end of the day the ruble strengthened against foreign currencies. Against the dollar it has strengthened by 0.31% to 66,59 rubles, the Euro by 0.43 per cent to 73.61 rubles, the pound – 0.65, to RUB 80,99
Trading on ruble pairs opened lower. The ruble has appreciated against its competitors before the opening of the American session and accelerated after the statements of the official representative of the Ministry of Commerce of China Gao Feng. He said that China wants to resume the negotiations and will not immediately respond to the new increase in duties by the States last week. China expects from the US motion to the meeting and the cancellation of new duties that need to be introduced from 1 September.
The reduction of tension in us-China trade conflict will positively affect all exchanges, including the ruble on the domestic foreign exchange market.
On Friday, August 30, in the Asian session, Brent crude is trading on the downside by 0.62%. The price is corrected after yesterday’s growth. Support for the oil market continued to provide reports of a sharp reduction of oil reserves in the United States at the end of last week (-10 million barrels), as well as news from China.
With the high probability that market participants will ignore the drop in prices at the opening of Masuri. Today is Friday, the last trading day Aug. From China negative news is not expected, therefore, a strong weakening of the ruble is not expected. Look how open European markets. If 13 GMT, the pair dollar/ruble will stand at the level 66,50, the closure should expect a decrease in the area of 66,25-66,30 € If the price of oil will resume its correction movement, closing the day we can expect about the level of 66,85 RUB In EUR/RUB expected movement around the level 73,70.
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Vladislav Antonov,
Analyst
“Information-analytical center “Alpari”