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The growing oil has supported the ruble at the start of the session

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The growing oil has supported the ruble at the start of the session

The growing oil has supported the ruble at the start of the session
September 21
14:00 2016

The ruble has been increasing against the US currency at the start of the trading session due to rising oil futures contracts. Futures, in its turn, have jumped against the publication of the API data about the sudden reduction of raw material inventories last week.

On Wednesday morning the US dollar has lost 0.58 percent against the ruble and amounted to 64.40 rubles. The euro has been equal to 71.78 rubles. It is 0.63 percent lower than the previous closing the day before.

The US oil reserves fell by 7.5 million barrels last week, while experts’ forecasts predicted an increase by 3.4 million barrels. Today, the investors are focusing on the information on energy reserves of the US Department of Energy.

“Black gold” has risen by 1.72 percent to $ 46.66 per barrel.

Rosbank experts write: “The period of calmness for the Russian currency is going on. The ruble spent the previous day in the range of 64,6-65,0 against the US dollar. It has met this morning at the same level, not giving significant attention to the results of the Bank of Japan meeting.”

On Wednesday evening the market is expected the publication regarding the decision of the Federal Reserve about the level of rates and the recent macroeconomic forecasts. The market participants expect that the US regulator has prepared for intense discussions and can give a clear hint at the future increase in the cost of borrowing, even if it is postponed to September.

In general, market opinions agree on one thing: the Fed’s key rate will remain unchanged and the hints at the prospect of a rate hike in 2016 or later can be heard in the comments.

Rosbank informs that there won’t be surprises on the results of the two-day meeting of the Fed, which will finish today.

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