The ruble under pressure, reacting to yesterday’s collapse in oil prices

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On Thursday, the ruble remains under pressure in a basket of currencies, retracing the yesterday’s collapse of quotations of oil, which currently make timid attempts to recover. The tax period is over, and now the Russian currency was left alone with risk factors, not receiving the internal support.
The dollar on the international Forex market tries to keep the advantage over rivals, not daring to sharp movements in anticipation of the second speech Powell. On Tuesday his statements provoked a mass flight from risk and a decline in stocks. In order not to aggravate the situation, this time the new head of the fed can choose a little more cautious rhetoric is the only potential factor capable of reducing the pressure on the ruble in the short term.
The euphoria from raising Russia’s rating had already faded, and the impressive results of auction the Ministry of Finance, which is easily placed on the paper at 50 billion rubles, with demand three times higher, has not had a significant impact on the domestic currency, which continues to retreat from recent to 2.5-year highs in terms of deviations from the purchases of risk assets, increasing the attractiveness of the dollar and the mass exit of players from long positions in oil.
The ruble will continue to focus on these three factors. If by the end of the week, the mood of global investors will improve and the dollar will bring profit, our currency will have a chance to reduce losses, although on the whole downside risks continue to linger.
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Roman Blinov,
The expert of the company,
“International financial center”