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The ruble strengthened its position on expensive oil

On Tuesday, January 12, trading in foreign currencies closed lower. The ruble went on the offensive from the opening of the Moscow Exchange, holding profitable positions until the close of the evening session. The dollar / ruble pair fell by 1.50%, to 73.54 rubles, euro / ruble – by 1.11%, to 89.79 rubles, pound / ruble – by 0.30%, to 100.69 rubles … The Russian currency was confidently strengthening against the European currency and the dollar against the background of rising oil prices and a general correction for the dollar in the global Forex market. She drew additional strength from the coming tax period. As a result of the day, Brent crude oil rose 1.98% to $ 56.70 per barrel. The rally in oil continued on expectations of falling stocks in the US and tightening of supply. The US dollar fell in price due to lower bond yields and increased demand for risky assets. The yield on 10-year Treasury bonds fell by about six basis points from a 10-month high to 1.13% per annum. On Wednesday, January 13, at trading in Asia, a barrel of Brent added 1.50% to $ 57.54. The price rally accelerated on the back of a weakening dollar and a decline in oil inventories last week. Buyers are heading for the psychologically important level of $ 60 per barrel. For the dollar / ruble pair, it is expected to decrease to the level of 73.00 rubles, for the euro / ruble – to 88.75 rubles. Today the RF Ministry of Finance will hold an auction for the placement of federal loan bonds (OFZ). High demand for securities will positively affect the dynamics of the ruble exchange rate. For the dollar / ruble pair, the target zone is between the levels of 70 and 72 rubles. As a result of the trades, the Moscow Exchange index fell by 0.31%, to 3471.65 points, and the RTS dollar index rose by 1.25%, to 1484.96 points. The RTS index rose against the backdrop of a strong drop in the dollar against the Russian currency. Futures on the S & P500 index is trading in positive territory (+ 0.19%). The US dollar is getting cheaper, oil is getting more expensive. For the Moscow Exchange and RTS indices, resistance levels are 3525 and 1500 points, respectively. The benchmark for the Moscow Exchange index for the day is reduced to 3455 points against the background of the strengthening of the ruble. The RTS index is expected to grow to 1505 points ._____________ Vladislav Antonov, Analyst, IAC Alpari

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