At the start of the session, Russian indices rushed south, but the Moscow Exchange managed to quickly return to the zone of positive values and settle just above the opening levels. In general, the situation on foreign exchanges, where the sale of risky assets prevails, does not imply a more confident recovery of the domestic market in the short term, as investors reacted with skepticism to the fiscal stimulus plan announced by Biden after the close of trading on Wall Street. sent the dollar to two-week lows just below RUB 73, opened with a gap down on a combination of a stable dollar and renewed oil price declines. Brent is depreciating under the influence of general risk aversion, while there is no significant industry negative at the moment, and the selling pressure is moderate, at least for now. Until the end of the session, the dollar / ruble pair is likely to refrain from sharp movements and maintain relative stability above the level of 73 rubles. However, if the demand for risk returns, new attempts to test this mark are not ruled out. As for the situation in other markets, gold continues to consolidate above the 200-day moving average, today with a slight bullish bias, which could quickly disappear if the dollar index accelerates. … It is important for the precious metal to hold above the level of $ 1,800 per ounce in case of pressure increases, while for more confident growth, it needs to rise above the $ 1,900 mark. However, none of these levels is expected to break out in the near term. Next, players will pay attention to a block of statistics from the US, where the main release will be data on retail sales, which will give investors food for thought in the context of how the economy is feeling amid the pandemic. If the result turns out to be much worse than forecasted, it will add negativity in the segment of high-yield assets and risk sending the American stock indices southward .______________ Mikhail Kogan, Head of Analytical Research, Graduate School of Financial Management.