The ruble will support taxes

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On Friday, January 24, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 22 kopecks (+0,34%), 65,77 to Euro 92 kopecks (-1,13%), to RUB. 75,32
Before the weekend the ruble has lost part of the profit against the greenback, but managed to close the week in positive territory (+0,41%). With the Euro trading ended almost unchanged at the level 72,29 75,32 RUB against RUB at the close on Friday, January 18.
At the opening of the Moscow exchange market participants ignored a one per cent increase in oil prices. Aggressive sales of the national currency in the beginning of the session was caused by the news from the CBR. The regulator is on the website posted a message about delayed purchases of foreign currency in terms of the budget rules. The report said that the purchase of currency will start on 1 February. Deferred amounts will be distributed evenly for three years. These operations will increase the daily volume of purchases of foreign currency by 2.8 billion rubles.
Average trading volume on the Moscow exchange for the year 2018 is approximately $3 billion (200 billion rubles). So foreign exchange market safely cope with the volume of Bank of Russia and do not be afraid of his intervention, they will not have a strong impact on the market.
On the American session, the ruble regained lost ground due to the recovery in oil prices. The US dollar decreased to 66.00 RUB the Euro remained at that level through the strengthening of the Euro against the dollar in the global foreign exchange market.
I believe that traders and investors overestimated the news from the Central Bank of the Russian Federation. For example, the growth of the pair dollar/ruble legal entities, trading in futures contracts on pair dollar/rouble, on the contrary, are actively buying the ruble.
Monday, January 28, in the spot market for $1 give RUB of 65.64, and a 1 Euro 74,99 RUB At the opening of trading expect the strengthening of the ruble. Today, companies pay tax on profits – good support in the beginning of the day. Target levels located at 65,32 65,00 RUB and RUB to the US dollar, remain in force. To draw any conclusions on Friday, I want to look at the behavior of the market near the mark 65,65 RUB per US dollar. In the Euro/ruble rate is expected to decrease in quotations in the area 74,75 RUB.
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Vladislav Antonov,
Analyst of information and analytical center,
Alpari