The strengthening of the ruble will be short-lived

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In early trading Wednesday, the ruble has updated the monthly lows where it found support and turned up, well up in weight at the end of the session. The dollar, which at the time touched region 63,20 RUB, failed to consolidate above the psychological level and corrected to the area of 62,30 RUB.
The Russian currency has definitely supported by the background of the General indecision of the bulls on the dollar ahead of the meeting of the Federal reserve. Additional impetus came from the oil market, where quotations Brent turned to the North after favourable report of US Department of energy, which reflected a decent reduction of stocks of crude oil and petroleum products. However, yesterday’s changes in the dynamics of the ruble has a local character and do not reflect any change in the fundamental picture.
Meanwhile, the us Central Bank expected to raise rates and improved expectations for the future course of monetary policy. Now the markets will lay in the price two more increases the cost of lending in the United States before the end of the year, a negative for em assets in General, including the ruble. In response, the dollar showed only a short-term boost, and then returned to their original positions. However, in the longer term, the aggressive rhetoric, the fed can increase the attractiveness of the “American.”
On the horizon this week the pair dollar/ruble can still undertake new attempts of storm of a mark of 63 rubles, if oil will not hold at current levels. Today’s session of the quotes will most likely to continue the correction towards the level 62 RUB against the background of a rollback of the dollar in the international arena.
Igor Kovalyov,
InstaForex companies group