The Russian ruble is a serious loss
The Russian currency continues to incur losses on Wednesday and even said at minimum more than a month levels in tandem with the dollar. However, oscillations continue to occur in the traded range, and signs of an overbought us dollar on the daily charts say about the limited potential for further weakening of the ruble.
The pressures on our currency are presented in the form of new sanctions from Washington, a record of the interventions of the Ministry of Finance, lower oil prices and signs of recovery in demand for the dollar on positive expectations of monetary policy tightening by the fed. On the other hand, the ruble looks forward to the influx of demand from foreigners who come for the upcoming world Cup, the beginning of which practically coincided with the start of the period of tax payments in Russia. The combination of these factors in the coming weeks should at least limit the pressure on the “Russians”.
No less important is the oil factor, because less than 10 days will be crucial OPEC summit+ in Vienna. Recently it became known that Moscow decided to go ahead and suggest to your co-deal to increase production almost back to previous levels in proportion to countries in the next three months. This initiative will be both supporters and opponents, so the debate promises to be hot, and the volatility in the oil market is high.
Under these conditions, the ruble will not be able to ignore the sharp fluctuations in prices, despite the recent weakening of the connection between the two once closely correlated assets. However, in the case of the ruble forward promise to be more restrained, and overall dramatic movements at least until the end of this month is expected.
The head of the analytical Department of the company,
“International financial center”