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The yen is falling, the ruble is growing

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The yen is falling, the ruble is growing

The yen is falling, the ruble is growing
September 14
10:30 2016

On Wednesday the yen is falling on the news that the Japanese Central Bank is studying the probability of the further easing of the monetary policy, specifically the ability to push the rates into a much more negative direction.

The publication Nikkei issued a report that the Bank of Japan was going to choose the controversial policy of negative interest rates as the main instrument to continue the easing. The regulator made a promise to think over the further rate cut.

Masafumi Yamamoto from Mizuho Securities gave the following comment: “It is believed that the Bank of Japan may make a very flat yield curve much steeper and lead the rate even further in the red in order to reduce the negative impact on financial institutions.”

“But it seems that markets have not fully put this opinion in the forecast” – Yamamoto said.

At the start of the trading on Wednesday the Russian currency has grown due to the fact that the quotations of oil and risky assets were trying to stabilize and grow after an earlier significant decline. The internal support factor is still a sale of the export earnings under the tax period, which begins on Thursday.

The market attention is now focused on the statistical data on the raw material reserve stocks in the US. The data will be released tonight. In addition, the US macroeconomic data array, which is coming out tomorrow, is in the spotlight. Also, the attention is focused on the meeting of the Central Bank of the Russian Federation, scheduled for September 16 as well as on the US Federal Reserve meeting scheduled for 20-21 September. According to the results of recent meetings, multi-vector changes in the policy of organizations are possible.

At the Moscow stock exchange the currency pair dollar / ruble calculations “tomorrow” is being traded within 64.95 to the beginning of the day. This is half a percent lower than the previous day’s bidding.

To the same time the euro calculations “tomorrow” is being traded at about 72.95 rubles. This is 0.4 percent below the finish of the session yesterday.
Brent crude oil is being currently traded within $ 47.35 per barrel. It is half a percent higher than the end of the trading on Tuesday. By the way, according to the result of yesterday’s trading it has reduced by 2.5 percent.

In the morning the US dollar is slightly falling in the financial markets. It has lost 0.1 percent against the euro and a basket of six currencies, but it has increased by 0.7 per cent against the yen.

A new tax period begins on 15 September in the Russian Federation. The most intense period will be on 26 September, when the payment of the severance tax, VAT and excise duties will have been finished.

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