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The ruble is testing new lows

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The ruble is testing new lows
September 10
09:00 2018

On Monday, the ruble reached a record low since March, 2016. The US dollar rose to ₽70. Later, the national currency regained its position.

Transactions were conducted in the area of ₽69.9 – 70.1 / $ 1. At the end of the first minute, the exchange rate was equal to 69.99 rubles. The euro fell a little to ₽80.7 per € 1. The dual-currency basket grew and now it amounts to ₽74.8.

Experts associate such a leap with the contracts for the purchase of foreign currency left from Friday. During the trade, the ruble stopped at the level of ₽70 / $ 1.

At present, the markets are under pressure due to large-scale sales. The Turkish lira experiences the biggest losses of about 1% in all major pairs. It has lost 1.2% relative to the dollar.

Investors, analysts and experts are still afraid that the dispute between America and China will begin to develop. Donald Trump said that he would not mind introducing additional duties on export goods from China, adding that everything was ready for the introduction of already announced duties for 200 billion US dollars.

At the end of the last trading week, Asian markets showed an increase in oil prices; a similar trend continued at the beginning of the current trading week. The experts call the expectations of the production reduction by Iran, but at the same time the growing demand for oil to be the reasons for the price growth. Contracts for Brent crude oil for November are being traded at $ 77.4 per barrel on the London Stock Exchange. WTI futures for October (traded on the stock exchange in New York) are being sold at $ 68.2 per barrel.

Oil prices have fallen for the first time in three weeks. WTI has decreased by almost 3%, Brent- by 1%. Despite the fact that earlier WTI and Brent had been falling for the last 2.5 and 2 months respectively, there was no noticeable reduction.

Baker Hughes reports that last week the number of drilling rigs decreased by 2 units and amounted to 860.

This week may become the beginning of a big trend. The forecast of the US Department of Energy will be presented on Tuesday. OPEC and the IEA will make their reports public on Wednesday and Thursday, respectively.

 

The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

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