The ruble withstood volatile oil
Tuesday, September 3, allowed the ruble again to maintain parity with the dollar, the Euro also began to strive for something similar. Although day exchange rates have shown very contradictory dynamics. At the close of trading, the U.S. dollar calculations “tomorrow” still fell, but only 3 COP. (-0,04%), to 66.76 RUB the Euro after the dollar also went down and finally fell against the ruble is also on 3 kop. (-0,04%) to RUB 73,23
The ruble, therefore, was able to strengthen against the backdrop of worries about the slowdown of China’s economy. On Tuesday, these concerns greatly increased, as the rate of the RMB against the dollar fell nearly 1% and almost reached the minimum at 7.2 yuan per dollar. However, the Chinese currency this morning is rising against the dollar, retracing yesterday’s losses.
But the price of Brent blend crude oil on 3 September was not as steady as the Russian ruble, the unrest about the stability of China’s economy. The price of a barrel of Brent fell by 0.53% to $58,03. The aforementioned concerns were added and published by Reuters forecast that in August total OPEC oil production for the first time this year have grown on a monthly basis against the background of increasing oil production in Nigeria by 80 thousand barrels per day in Iraq by 60 thousand barrels per day compared to the July levels.
In the end, reported by Reuters, the countries “OPEC” for August exceeded the plan to reduce production by only 36% by October 2018, although in the past months ahead of the schedule at times. Oil the swing continues to sway in the morning the price of a barrel of Brent crude resumed its growth and adds 0.38 percent.
We believe that today, at the opening of trading the ruble may show multidirectional dynamics. As long as we maintain the forecasts for the dollar to RUB 66-67 and 73-74 Euro in RUB
“Information-analytical center “Alpari”