Monday, October 30, 2017

Ruble has fallen sharply against

The ruble has fallen sharply against the euro remains stable against the dollar

Ruble has fallen sharply against

The ruble opened trading on the Moscow stock exchange without significant changes in the dollar and a significant reduction in the euro, which is explained by a sharp appreciation of the single European currency on the world market after ECB President Mario Draghi hinted at the possibility of normalization of the ECB's policies. Support to the ruble may have a demand on the part of Russian companies in the last phase of the tax period.

At the same time the pressure on the Russian market had on oil prices, which are now gone slightly down as a result of an unexpected increase in US inventory levels.

As of 11:00 GMT the dollar-ruble exchange rate was 59.50 (+ 0.02%), while the euro rate against the ruble rose to 67.70 (+ 1.7%). Brent crude oil at this time was estimated at about $ 46.70 per barrel.

On the eve of the Russian currency fell against the dollar by 1.2%, despite the positive dynamics of the oil market.

"Yesterday the speaker confirmed our medium-term view of the limitations of the ruble strengthening the capacity even with an increase in oil prices. As part of the streams in the morning the market was felt there was a demand for the currency, the nature of which has been difficult to identify "? said Dmitry Polevoy from ING Bank.

Russian stock indexes traded in the red in the trend with the world. Investors doubt that Donald Trump promised reform program and growth stimulation can be implemented in the near future. The US Senate postponed the enactment of health care reform.

"Mixed outlook for the global economy, combined with increased tensions in relations between Russia and the United States set a negative tone for the opening of the market today," - says Mark Bradford, an analyst at IG BCS.

The US believes that the situation in Syria has deteriorated due to the fact that Russia has come to the aid of the government of Bashar al-Assad, said State Department spokesman Heather Nauert.

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