The ruble partially won back losses on the rise in oil prices - Get to know Forex

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The ruble partially won back losses on the rise in oil prices

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The Russian currency has won back some of the daily losses against the dollar and the euro thanks to the improved situation on the oil market, as well as the correction in the dollar index. The dollar index corrected to 92.24 on the back of a rally in the euro. The European Central Bank has set a new inflation target. Oil rose in price to $ 74.50 a barrel after the release of data from the US Department of Energy, which showed a more noticeable than expected decline in inventories. Oil stocks in the United States fell by 6.87 million barrels (the forecast was -4.03 million barrels). On Friday, July 8, at the auction in Asia, a barrel of Brent is worth $ 74.10. The ruble opened with a slight increase. The external background remains negative for him, as risk appetite remains low due to new outbreaks of coronavirus diseases. As part of the correction, we can consider the target of $ 74.34 per barrel. Below is questionable, since buyers remain in the dollar before the weekend and are not going to close. If oil sales resume with renewed vigor, the dollar rate will jump to 75.50 rubles. Oil dynamics and risk appetite are key factors for the ruble on Friday. Stock Market Russian indices closed in the red, but were able to win back most of their losses by the close of the evening session. The Moscow Exchange index fell by 0.87%, to 3861.08 points, the RTS index – by 0.84%, to 1627.64 points. The fall began with the opening of the market amid a weakening ruble and falling oil prices. As soon as the selling wave passed at the beginning of the daytime session, the market stabilized. With oil prices recovering to $ 74.50, indices also rose. In Asian trading, futures for Russian indices show mixed dynamics. Futures on the SP500 index is also trading in the red. Risk appetite remains low due to outbreaks of disease with the new strain of coronavirus. If oil prices continue to rise, the indices will have the opportunity to win back yesterday’s losses in full. If the recovery in oil prices stops, the indices will sag to yesterday’s lows .__________________ Vladislav Antonov, Analyst, IAC Alpari

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