The Russian stock market recedes before the long weekend
On Thursday the Russian stock market has moved to a natural correction. After yesterday’s rally, the major indices moderately retreating, in response to further deterioration in the external background, where, after the subsidence of the Asian sites are traded in the red European benchmarks. Afternoon index Mosberg and RTS decrease by 0,5%, and there is a small risk of the development of the correction, given the desire of investors to fix profit before the long weekend in Russia.
The ruble, which on the eve almost let the dollar beyond a mark of 66 RUB remains within range and behaves calmly. Rally of the dollar on the Forex market stalled and Brent gradually develops upward momentum that protects the Russian currency from further decline.
Today, the Bank of Russia increases the volume of daily interventions in the budgetary rules subject to pending purchases. This will definitely limit the possibilities of growth of the ruble, although in General, market participants react to the increase in purchases, taking it for granted.
Today, more than lively can show the dynamics of the Euro/ruble, considering the upcoming ECB meeting, which will set the motion vector of the single currency across the whole spectrum of the market.
Dovish notes in the text of the accompanying statement and hints of additional stimulus could undermine current attempts to restore the Euro/dollar, which continues to cling to the mark of 1.13. So, in case of realization of a negative scenario, the Euro/ruble may test 74,50 RUB the area until the end of the trading session.
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