The ruble to the middle of Monday remains under pressure

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The Russian ruble by the middle of the trading day on Monday remains under pressure in a basket of currencies. The U.S. dollar is trading at 57,02 RUB (+0,35%). The Euro is worth 70,26 RUB (+0,3%). Official rates of the Central Bank of Russia for tomorrow, March 6, 57,10 make up a RUB for the American currency and 70,17 RUB over the European. Both estimates revised to increase by 44 and 71 kopecks, respectively.
Oil prices rise in the afternoon. A barrel of North sea Brent raw materials traded at $64,64 (+0,4%). Commodities supported by expectations of OPEC meeting with representatives of the us shale companies. Perhaps this is the first event in a long time. The parties will meet in Houston tonight for the opening of the forum CERAWeek. Here are possible options: previously, OPEC is opposed to your goals what you are doing for US, now he can make a step forward, given the balance of forces on the world market and the lack of consensus within OPEC+ at the time of termination of the agreements on reduction of production.
The ruble barely responds to the change in the raw materials ‘ quotes, but proved to be very sensitive to news about the adjustments the Ministry of Finance in the volume of purchases of foreign currency. In the period from 7 March to 5 April, the Agency will spend for these purposes 192 billion rubles., the day will be spent around 9.6 billion rubles a Month earlier, the Finance Ministry bought the currency to 15.7 billion daily. This is the first fact of reducing the volume of target purchases lately.
In order for the US dollar until nothing is changing the American currency to consolidate above the resistance 57,25 RUB to move on. Otherwise, the “outset” borders 56,50-representing 57.30 RUB will remain in force. Euro/ruble will complete today’s trading in the range of 70-70,55.
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Anna Bodrova,
Senior analyst,
Alpari