The ruble was supported by the results of the G-20 meeting strong growth

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Russian ruble holds dynamic Monday. The US dollar in the first half of the day was retreating, quite vigorously, by the mid-session emotions for the most part subsided, and now the us currency is trading at 66,56 RUB (down 0.6%). Euro retreats of 0.3% and is 75,52 RUB rates of the Central Bank of Russia for tomorrow, December 4, lowered in both cases and are 66,29 RUB per U.S. dollar (-24 cents) and RUB over the 75,38 € (-36 cents).
The Russian currency today, there are several catalysts for movement. The first of them – the decline of the US dollar in the world currency market due to the reduction in the risk component. The US and China at the G20 agreed on a three-month pause in trade wars. This time the parties spend in negotiations to achieve a balanced trade agreement. However, this is actually the same American lobby as before, just in a more diplomatic format.
The second point supporting the ruble today is the rally in the oil market. On the morning of a barrel of Brent rose in price by more than 5%, now rises to 4% and costs $61,79. The influence of the pause in “trade wars” here is perfectly clear. In addition, the Minister of energy of Qatar Saad bin Shreda al-Kaabi announced the release of 1 January 2019 of the country from the OPEC. The country intends to increase production of oil and LNG, as well as to expand production capacity. Qatar, apparently, wants to strengthen its position in the global CIS market, where so is the leader. The other members of the oil pie will try to raise new share.
This week OPEC+ is found at the meeting on 6 December, the discussion on the reduction of commodity production by 1.0-1.4 million barrels per day. The important point here is the caveat, what values will reduce. If the current – they in some cases the maximum effect from this decision will be formal.
While the ruble, so there are several fresh factors support, and in a similar geopolitical disorder last week right is in the shade. The US dollar to close Monday at within marks 66,40-66,85, the Euro will end the day in the hallway 75,30-to 75.85 RUB.
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Anna Bodrova,
Senior analyst,
Alpari