The ruble survived thanks to the falling pound

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Monday, September 2, the ruble closed against the greenback at the level of Friday’s close and rose against the Euro and the British pound. The Euro/ruble decreased by 0,12%, to 73.25 RUB, GBP/RUB – on 0,52%, to RUB 80,66
Yesterday during the trading session, the ruble was trading against dollar in a narrow range 66,55-66,84 RUB It well strengthened against the British pound, which fell considerably against other major currencies. GBP/USD has fallen by 100 points, to the level 1,2060. The pressure on the “British” had weak statistics from the UK, as well as the uncertainty associated with the growing likelihood of early parliamentary elections in the UK.
On the global Forex market there are rumors that if the Parliament will pass a bill blocking Breaksit without a deal, the Prime Minister of Britain Johnson plans today to announce early elections in October. The Euro fell after a “Briton”, which allowed the ruble to strengthen its position against them and keep against the US dollar.
On Tuesday, September 3, in Asia, oil is trading in positive territory by 0.16%. On the daily timeframe the technical picture is very favorable for growth. Growth is constrained by uncertainty about upcoming talks. Buyers need today to close the day above $59 per barrel, and then as quickly as possible to restore the price to $59,65. In such a scenario, the sellers will start to exit short positions than enhance the “bullish” sentiment. The faster they will be $59,35, the easier it will be to move up. Key support is the level of $57,65 per barrel.
The ruble will remain under pressure due to the ongoing trade dispute between the US and China. Despite the upcoming trade negotiations between the two countries, there is still great uncertainty, which will be concluded a trade agreement.
The ruble declines against the dollar and the Euro is growing against the background of negative dynamics of the European currency on the foreign exchange market. The pair dollar/ruble will keep the movement around RUB 67
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Vladislav Antonov,
Analyst
“Information-analytical center “Alpari”