The ruble was supported by the Russian stock market
The ruble has accumulated in itself a good combination of the factors of delayed growth, which worked this morning at the opening to the abrupt strengthening of the “wooden” 1.2% 66,94 to 66, 20, however due to the lack of important news in this measured, leisurely Monday enthusiasm “bulls” has quickly subsided, and as of 14:00 Moscow time the pair has corrected 66,45 rubles for the “American.” This is a very good result, considering that in late November – early December, he twice broke the mark of 67 and seemed to be a quick hike to around 70 to the dollar it looks like a matter of time.
Before the meeting of the Central Bank of the Russian Federation on Friday, on the condition that no new data on sanctions (talking about the notorious “case Skrypalia”), the ruble has no significant reason for the strong exchange rate movements both up and down. Another factor is the oil – in General, continues to play at a moderate strengthening of the domestic currency.
Recall that before the meeting in Vienna last week for the market negative it would be the combined reduction in OPEC quota+ (now in consulting mode to the summit might be to join more and more countries that are not participating in the cartel) is less than a million barrels per day. In fact it was advertized trim 1.2 million barrels (800 thousand took on the obligation of member countries of OPEC, and an additional 400 thousand barrels – those countries that are not members of the organization).
The ruble also strongly supports the Russian stock market, which since November is much better than the American indexes (the latter very depressed after the arrest of the Chinese Huawei Technologies CFO Meng Wanzhou with a subsequent call for the presentation of notes for the U.S. Ambassador in Beijing). Speaking of the latter, last week the share index US S&P 500 dipped 4.6%, registering its worst weekly fall since March, and against this backdrop, the volatility index VIX came close to the mark 24 for the first time from September 2015, as gold jumps above $1250 per ounce, while retaining the strong positive momentum. The decline in U.S. stocks this year has reached already 1,5%. We have the same increase was mainly ruble-denominated index Mosberg, which for the year amounted to 15%, and the intermediate history of generous dividend payments support the interest in this topic.
“International Financial Center”