Thursday, October 12, 2017

The ruble traded in positive territory against the backdrop of more costly oil

The ruble traded in positive territory against the backdrop of more costly oil

MOSCOW (Reuters) - The ruble is showing positive changes at the beginning of trading session on Thursday against the backdrop of moderately rising oil prices after the data on the fall in US inventories.

At his side, in addition to oil, also hopes to maintain a relatively low level of the US Federal Reserve interest rates over a long period - against the continuing uncertainty surrounding the consequences for global markets output in Britain from the EU.

Support acts and a summer season of dividend payments in the Russian Federation, to which the Russian companies exporting accumulate ruble liquidity, including and selling foreign exchange earnings, but it can change its sign from plus to minus, when they start to dominate the purchase of currency non-resident shareholders in respect of the received funds.

By 10.50 GMT, the dollar / ruble calculations "tomorrow" Exchange traded at near Moscow 64.03, 0.3 percent lower than the previous closing.

"Until the middle of the month demand for ruble liquidity will remain relatively high in the case of a rebound in the oil market, the next wave of the ruble may start as a result of which the dollar prosyadet up to 61-62 rubles. However, the Russian currency will not be a long time to stay at the current levels, by the end of August, probably gradually weakening to a level 67-69 rubles per dollar", - believes deputy chairman of the bank Yugra Yuri Melnikov.

euro calculations "tomorrow" by this time I was at the level of 70.91 rubles, half a percentage point below the previous close.

A barrel of Brent crude to 10.50 Moscow time was estimated at $ 49.05, half a percent above Wednesday's closing levels, which resulted in the brand grew by 1.8 percent.

Oil prices rise on Thursday, supported by data on the reduction of inventories in the US, but an excess of oil and concerns about economic growth continue to keep markets under pressure.

Yesterday's study reflected the American Petroleum Institute weekly drop in US oil reserves by 6.7 million barrels to 520.9 million, today at 18.00 MSK its inventory data to publish the US Energy Information Administration.

"Quotes Brent continued fluctuations in a wide range of $ 47-51 per barrel, to exit from that at the moment there are no strong incentives"- the analyst believes the bank's Russian Capital Anastasia Sosnova.

Forex commodity and emerging currencies show mostly mixed in relatively narrow ranges.

The euro / dollar is losing almost 0.2 per cent and is trading near the mark of $ 1.1075, but the dollar loses one-third per cent against the Japanese yen, which continues to be in demand amid uncertainty over the consequences of Brexit.

The focus remains Forex Friday publication of data on employment and unemployment in the US in June, which will largely rely Fed at the meeting on 26-27 July.

Released yesterday evening, reports the June meeting of the Fed pointed out that the regulator's management has decided to keep its key interest rate on US dollar unchanged until then, until the consequences become clearer UK decision to withdraw from the European Union.

"The first shock (from Brexit) has passed, but it is possible that in the next few months may be problems regarding the organization painless exit of Britain from the European Union, and this is just more scare investors"- believes Melnikov of Ugra.


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