The third day, the ruble edged up against the dollar

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The Russian currency actively restores the position for the third consecutive day, sending the dollar to the mark of 65 rubles. in the course of the session on Thursday. And this hack does not require support from the Federal reserve, which yesterday filed the Protocol of signals, which could put pressure on the American currency.
Apparently, the ruble finally felt the support of the tax period, which is now in full swing, as the currency is growing in terms of the stability of the dollar and lack of clear signals from the oil market. Part of the acceleration correction from oversold levels, can explain the mild rhetoric trump against Russia – the White house spoke out in favor of returning of Russia in the G8 format. Locally courage ruble gave the results of yesterday’s auctions of the Ministry of Finance, who posted an 11-year OFZ bonds at 20 billion rubles, with demand more than twice higher than supply.
However, in the current rebound of the ruble is unlikely to look for signs of a full-fledged reversal. Downside risks for “Russians” saved on the part of the dollar, oil and geopolitics. So unsuccessful attempts a resumption of growth in oil prices indicate a threat start of sales in the case of bearish signal. The dollar, meanwhile, can receive support from the fed, which after the first since 2008, the rate reduction is trying to keep the dovish expectations of investors.
Gennady Nikolaev
Academy of management Finance and investment