The ruble weakened sharply on the back of strong demand for the dollar
The ruble weakened sharply on Wednesday, losing against the dollar of 0.65%. Quotes confidently returned beyond the level 64 RUB, recovering to 64,40 RUB EUR/RUB grew modestly, by a quarter percent, to the area of 71.80 RUB.
The main reason for the aggressive correction of our currency was the dollar strengthening across the entire spectrum of the market. A surge in demand for “American” pressed on all major currencies and currencies of the developing segment. Ambiguously behaved oil, which is tried to be corrected, but ultimately returned to their original positions.
The report, energy for the most part disappointed players. Production is back to record high at 12.2 million barrels per day, crude oil inventories increased by 5.5 million barrels. From the more negative reaction of the oil market kept the Saudi says that while she has no plans to increase production, despite the tightening of sanctions against Iran.
Today, Brent is again trading with a bullish bias, and the dollar went to correction, which will ease the pressure on the ruble, as a manifestation of interest in risky assets. In the short term, the focus of players remains around 64 RUB
______________________ Gennady Nikolaev
Academy of management Finance and investment