How long RUB to decline against USD?
The US dollar started pushing down the Russian ruble. Analysts point out that it was the strong retail sales data released yesterday in the United States that boosted traders’ confidence in monetary tightening at the FOMC December meeting.
Today, the dollar-ruble pair started moving from the daily low at 64.00. In the early Moscow trades, the pair advanced to 65.46 levels. Currency strategists expect the pair to rise to as high as 66.00.
It is quite hard for the pair to extend its gains. The Russian currency dynamic depends on the commodity market situation. In the meantime, the Russian media discusses the recent scandal concerning Russian Economy Minister Alexey Ulyukaev. However, the news did not affect the currency market and the ruble kept resisting the greenback.
The market pays greater attention to the upcoming US report on the producer price index that could bolster the US currency. Besides, markets are waiting for the OPEC meeting in late November where major global oil producers will discuss the ongoing crude oil glut. Recently the cartel’s exporters have called for increased cohesion regarding the production cut agreement, thus supporting the crude quotes.
The Brent crude oil is trading at 46.79 dollars a barrel, and the WTI crude benchmark is worth 45.48 dollars. Crude traders barely paid attention to the report prepared by the American Petroleum Institute that showed an increase in oil stockpiles.
According to the provided statistics, crude oil inventories added 3 million 650 thousand barrels over the week. The previous gain made up 4 million 400 thousand. Analysts had projected a decline of 2 million barrels. Today the market is awaiting the official crude stockpiles data from the International Energy Agency. Analysts forecast an increase. Still, pundits expect black gold prices to stay at highs.
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