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The ruble has risen against the weak NFP statistics

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The ruble has risen against the weak NFP statistics

The ruble has risen against the weak NFP statistics
September 02
16:00 2016

The last trading session of the week the ruble has finished with an increase against the US dollar on the rather weak statistical data regarding the US labor market and further support of oil futures contracts. The labor market data were worse than expected.

By the close of the trading session, the US dollar has been traded at 65.11 rubles, euro – 72.91 rubles. 1 barrel of Brent crude oil costs $ 46.67.

On Friday the market attention was focused on the NFP – statistics of the employment outside the US agricultural sector (non-farm payrolls). These data largely influence the decision of the Federal Reserve about interest rates.

The publication of the data has reduced the forecast for raising rates in September. The number of new jobs in the previous month was equal to 151.000, while the experts in the poll for Reuters assessed the jobs growth in 180.000 against the indicators of 255.000 and 292.000 in July and June.

On Friday evening oil prices reached their intraday high of $ 46.82, while Brent was trading at $ 45.99 per barrel in the afternoon. However, this does not mean that the growth is going on, especially before the release of the data on drilling rigs in the United States, which will be given to the world later on Friday evening.

“$ 46 a barrel is more a bearish benchmark than an attractive mark for bulls… In any case, the corridor of $ 40-50 per barrel has become the outset for oil, from which it will not get out. Respectively, the ruble behaves in such a way, too. It has stuck within 64- 66 rubles “, – says Andrey Lyushin, Deputy Chairman of the Loko-Bank.

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