The ruble will rise sharply at the opening of trading

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On Friday, November 9, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 110 COP. (+1,65%), to 68.00 Euro – 105 COP. (+1,39%), to 77 rubles.
On Friday, the Russian currency fell markedly against foreign currencies amid sanctions threats and another fall in oil prices. The increase in the supply of raw materials on the market, has put pressure on buyers before the OPEC meeting, which took place on Sunday 11 November. The dollar increased to 68,19 Euro – RUB to 77,24
On Monday, trading in oil has opened sharp growth of 2.5%. Oil has risen on the statements of the Minister of energy of the United Arab Emirates (UAE) Suhail al-mazroui. He said that OPEC+ will not continue to increase oil production in 2019. He said this at the Ministerial monitoring Committee on 11 November in Abu Dhabi.
Despite the fact that the dollar strengthened above 68 rubles., today on ruble pairs to expect correctional movement. I believe that on the Moscow stock exchange trades will open reduction of 0.5% -0.6%. If the closing day, the sellers will be able to block Friday’s growth, so the ruble will continue to win back losses. If trading session will be closed at a dollar above 67,60 RUB and Euro – RUB 76,50 above, in this case, after a short consolidation, the weakening of the ruble will continue. Technical factors are now on the side of buyers of foreign currencies.
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Vladislav Antonov,
Analyst
Alpari