The ruble, the Central banks support

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The ruble holds steady positions against the currency basket on Tuesday, continuing to ignore the falling oil prices. The pair dollar/ruble, who recently came close to the mark 64 RUB is trading below the region of 64.35 RUB, timidly trying to cut recent losses. Euro/ruble, meanwhile, for the first time since may 23 violated the integrity level of 72 rubles. the weakening of the single currency on Forex.
“Russian” not allow themselves to pay attention to the bearish dynamics of oil futures thanks to the beginning of the tax period and continued investor demand for OFZs in anticipation of further easing by the Bank of Russia announced on Friday.
Also on hand our currency plays a key rhetoric of Central Banks. Markets are preparing for a dovish tone of the fed according to the results of tomorrow’s meeting, which means double the support for the ruble from the more favourable tone for risk assets in General and the weaker dollar. The ECB today also showed softness, as Draghi hinted at further lower rates, hitting the Euro.
The combination of the tax period and the softer rhetoric of key Central Bank requires as a minimum maintain a high standing of our currency in the short term. This means that the dollar can still go back to the lows around 64 rubles, and the Euro – will update the lows under the level of 72 rubles.
Gennady Nikolaev
Academy of management Finance and investment