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The ruble is growing at the start of the session, following oil and commodity currencies

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The ruble is growing at the start of the session, following oil and commodity currencies

The ruble is growing at the start of the session, following oil and commodity currencies
October 18
14:00 2016

The Russian currency is rising in value at the start of the bidding process on Tuesday. This has reflected the current increase in oil as well as most commodity and emerging currencies. Thus, the main support of the ruble at the moment is a tax period that has recently started.

The latest statistical data on the consumer inflation in the United States is in the spotlight. The output is expected in the middle of the day, and it may cause a new wave of speculations about the terms of the Fed raise of the interest rates.

To the beginning of the day the currency pair dollar / ruble calculations “tomorrow” was about 62.88 at the Moscow stock exchange. This has become almost 0.4 percent below the closing of the session on Monday.

To the beginning of the day the euro calculations “tomorrow” was at the level of 69.27 rubles, that is a quarter of a percent below the previous closing.

Brent crude oil is being currently traded near $ 51.94 per barrel, which is higher by 0.8 percent.

Oil quotes are creeping up as a number of the experts said that the market was probably not as oversaturated as it had been previously thought.

On the financial markets the currency pair EUR / USD is growing by 0.2 per cent and is being traded at around $ 1.1015.

Meanwhile, the US dollar has lost against most commodity and emerging currencies.

The US currency has moved away from the local highs, as the investors are estimating the probability of the Fed increase of the interest rates in the near future. On the eve the tax period started with the payment of insurance premiums to non-budgetary funds. The peak of the tax period will fall on October 25.

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