Ruble positions look neutral - Get to know Forex

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Ruble positions look neutral

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The ruble won back some of the losses at the end of last week. The dollar retreated from the highs of early May, but managed to stay above the level of 74 rubles, which served as a springboard for a rebound to the zone of 74.50 rubles, where quotes run at the beginning of the new five-day trading week. At the moment, the positions of the Russian currency look neutral. The dollar is trying to get rid of selling pressure, but so far these attempts look unconvincing. Meanwhile, oil has resumed its decline, trying to stay above $ 75 per barrel. Volatility in the commodities segment remains quite high, which exposes our currency to certain short-term risks. The further behavior of the dollar will also be important, which will largely depend on the dynamics of demand for risk, which remains volatile. The further spread of coronavirus strains could increase pressure on stocks and thereby fuel demand for a protective dollar. This scenario will play against the ruble. In the next two weeks, the traditional tax period, which starts this Thursday, will help to partially compensate for the potential negative. The benchmark in the dollar / ruble pair for the near future is the zone of 74.50 rubles, while the euro / ruble will probably hold above the level of 88 rubles. ._________________________ Nikolay Pereslavsky, Employee of the Department of Economic and Financial Research, CMS Institute

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