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The Russian ruble continues to rise against the dollar and the euro

On Thursday, January 14, at the end of the day, ruble pairs closed down. The ruble felt great until the close of the evening session. The dollar / ruble pair decreased by 0.73%, to 73.21 rubles, euro / ruble – by 0.61%, to 89.06 rubles, pound / ruble – by 0.16%, to 100.35 rubles … Trading on the Moscow Exchange opened with a decline in ruble pairs. The Russian currency showed greater growth against the single currency. The single currency was under pressure due to a decline in the euro / pound cross pair and political uncertainty in Italy. Former Italian Prime Minister Matteo Renzi on Wednesday pulled his Italia Viva party from the country’s ruling coalition over a dispute over the government’s economic response on the coronavirus pandemic. Renzi’s decision triggered a government crisis that could last for several weeks. The ruble was also supported by the beginning of preparations for the tax period by exporting companies and the rise in oil prices. As always, the peak of tax payments will be on January 25th (VAT, excise taxes, MET). A barrel of Brent rose 0.79% to $ 56.44. The growth of quotations was pushed by the statements of the head of the US Federal Reserve Jerome Powell, as well as the presented plan by Joe Biden to stimulate the US economy by $ 1.9 trillion. US Federal Reserve Chairman Jerome Powell said that interest rates would not rise in the near future, and rejected the assumptions that the Central Bank may start cutting back on their bond purchases in the near future. His speech put pressure on the dollar and supported the ruble. On Friday, January 15, Brent is trading at $ 56.17 in Asia. Major currencies are trading in the red against the US dollar. The ruble will experience pressure at the opening of trades, which before the weekend may persist until the close of the evening session. On Thursday, the dollar / ruble pair declined to the level of 73.10 rubles. For the strengthening of the ruble to continue to the level of 72.15 rubles., The dollar rate must remain below 74 rubles until Tuesday. For today, the ruble is expected to weaken to 73.65 rubles. per dollar. The Russian stock market closed on Thursday with growth, despite the decline in US indices. Joe Biden presented a plan to stimulate the US economy by $ 1.9 trillion, but American participants refused to buy shares in the S & P500 index. Russian indices rose on the back of the strengthening of the ruble and the growth of oil prices. As a result of trading, the Moscow Exchange index amounted to 3490.85 points (+ 0.59%), the RTS index – 1500.58 points (+ 0.93%). On Friday, the ruble indices are expected to decline, as the ruble very often comes under pressure on the last day of the week. Nobody wants to stay in the ruble without knowing what surprises the weekend will bring. The Moscow Exchange index is expected to fall to 3455 points, the RTS index – to 1475 points .__________________ Vladislav Antonov, Analyst, IAC Alpari

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