Russian President Vladimir Putin failed to support the ruble. The national currency continued to slide despite the president's direct appeal to the nation. The head of the state announced a series of emergency measures to limit health and economic impact of the coronavirus spread in the country. Market participants hoped that the Russian leader's emergency speech would help the ruble regain some of its losses. However, that was not the case. According to the Moscow Exchange, the Russian currency tumbled again. Before Putin's speech, the ruble was trading at 78.57 rubles against the US dollar and at 85.08 against the euro. After his speech, the national currency fell to 78.84 and 85.29 respectively. The markets were not inspired by a nationwide week-long holiday and the new tax on gains from bank deposits worth more than 1 million rubles. Investors found the efforts made by the president to stabilize the ruble insufficient and noted that the ruble was more vulnerable to foreign news rather than to domestic reports. First of all, the national currency has been rocked by the situation in the global oil market which will hardly change for the better in the near future. So even though the United States has stepped in to prevent oil prices from collapsing, the quotes are unlikely to recover to the previous levels. This means that the ruble will remain under pressure.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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