Global stock markets stalled - Get to know Forex

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Global stock markets stalled

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After a positive start for a new trading week in Asia that followed Friday’s Wall Street rally, Europe opened mostly in negative territory. US futures are also mostly retreating, indicating an unstable attitude to risk. On the one hand, investors are betting on strong corporate reports from the United States, which will begin this week from the banking sector. On the other hand, the spread of new strains of coronavirus in a number of regions is haunted, which threatens the already fragile recovery of the global economy. At the same time, the Russian market is still in positive territory. Since the beginning of the session, the Moscow Exchange index has been growing within 0.20%, while the RTS is growing by almost 0.7%, but by the end of the session it may lose earnings, given the slippage in the recovery of the ruble exchange rate. The dollar / ruble pair, after two days of correction from the highs of early May, met support in the region of 74 rubles. and rebounded, opening with a gap up today. Taking into account the resumption of the decline in oil prices and the encroachment of dollar bulls in Forex, during the session quotes may test the zone of 74.65 rubles. and again aim at 75 rubles. Oil has not been able to break through the area of ​​75.70 dollars per barrel and is now retreating, trying to grab the level of 75 dollars. Brent is under local pressure and upside potential will remain limited as long as the market is dominated by fears of misconduct within the OPEC + alliance due to the lack of consensus on quotas and the terms of the deal in general. It also darkens the prospects for the ruble, which is waiting for the start of the tax period to receive traditional support from payments .________________ Mikhail Kogan, Head of Analytical Research, Graduate School of Financial Management

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