The ruble: the Threat of the global crisis did not scare investors
On Friday, March 15, the ruble kept a stiff upper lip and marched confidently up relative to both the global reserve currency. The dollar and the Euro had to give up. By the close of trading Friday, the U.S. dollar calculations “tomorrow” pretty much fell by 70 kopecks (-1,06%), to RUB 64,81, and the Euro fell to 69 kopecks (-0,92%) to 73,39 RUB for the First time since the beginning of the year, the dollar fell below 65 rubles., which corresponds to the levels of October 2018, and the Euro – below 73,5 RUB.
In the West, increasingly there are growing fears of a possible new global financial crisis. According to the Emerging Portfolio Fund Research, the international investors have withdrawn from funds investing in assets of emerging countries in just the week ending March 13, the $2.8 billion it Probably happened against the background of negative news, including the delay Brekzita, the refusal of the British Parliament a second referendum on Brazito, and a reduction in the OECD forecast growth of the global economy in 2019 with 3.5% to 3.3%. However, the ruble on Friday, the news has not affected, and added to the negativity, only the dollar and the Euro.
The price of oil brand Brent crude on the ICE on Friday fell slightly by 0.16% to $66,91 per barrel. The oil market was cautious ahead of the Ministerial meeting of “OPEC” in Baku, which begins today. Released in the U.S. on Friday, data from Baker Hughes showed that the number of active U.S. oil platforms dropped only one, to 833 platforms that have not added the price of oil is positive. At the weekend Russian energy Minister Alexander Novak at the meeting with his Azerbaijani counterpart has proposed to hold in may, new negotiations between the parties to the agreement “OPEC+” to determine future steps for balancing the oil market. This morning the price of Brent crude oil continues to decline weakly.
The ruble will begin the morning trades of the week, most likely, a small downward correction. A pair dollar/ruble will see the range of 64.5-65.5 rubles, and Euro/ruble 73,2-74,1 RUB.
______________________ Natalia Milchakova,
Deputy Director of information-analytical center,