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Currency markets news for Monday

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Currency markets news for Monday

Currency markets news for Monday
July 11
14:00 2016

The dollar is barely getting more expensive even against the background of oil prices fall

The value of the US dollar has increased by only 0.36% to 64.21 rubles per dollar from the start of the trading session on Monday, 11 July to the middle of the day at the Moscow Stock Exchange. The cost of the US national currency against the ruble has not been changing despite the significant drop in oil prices. Now “black gold” is being traded at the level of the early May; during the first half of the session the Brent price exceeded the value of $ 46 per barrel.

In recent months the correlation between the dollar and the oil has been very high: the fall in oil prices immediately led to the value increase of the US currency, and vice versa. But recently this dependence considerably has weakened. Reuters assumes that the reasons for this may become the corporate currency sales under the upcoming payment of dividends and taxes.

Oil prices are falling amid signs that US oil companies have adapted to the low prices. So, on the eve an oilfield service company Baker Huges announced the increase in the number of operating oil rigs by 10 to 351 last week in the USA. In addition, the demand for oil from Asian countries, which are experiencing economic difficulties, is falling, too.

The ruble has fallen against the dollar and the euro at the trade opening on Monday

At the Moscow stock exchange the dollar and the euro have slightly grown against the ruble at the beginning of the trading session on Monday in conditions of the slight fall of oil prices.

The first transactions on the US dollar were within 64,07-64,2 rubles. On the whole, for the first two minutes the rate amounted to 64.14 rubles. The euro became equal to 70.85 rubles. The currency basket was 67.16 rubles.

At the same time the dollar ended up by 11 kopecks lower than the current official exchange rate, the euro – by 32 kopecks lower than the actual rate.

The “Interfax-CEA” experts believe that the slight fall of the ruble against the dollar and the euro at the opening of the session is due to the steady decline in world oil prices. Oil begins to fall in price on Monday and continues to decline during the session by more than 1%.This is a response to the signs of the demand deceleration for fuel at the Asian market and weekly data on the number of the rigs in the USA. To the beginning of the day the cost of futures contracts for Brent crude oil for September has fallen by approximately 0.5%, staying at around $ 46.5 per barrel at the London Stock Exchange.

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