14.10.2020: RUB to rise to 75.00 vs USD amid positive drivers (Brent, USD/RUB)

loader
keer bekeken
Oil opened the day with a correctional decline amid fears over the fuel demand recovery. Meanwhile, the US dollar continues to advance against the ruble which stays under pressure from an unstable situation in the energy market.
The surge in new coronavirus cases is observed across all major global economies. Markets participants are currently focused on whether these countries will impose massive restrictive measures and what their impact would be. In the morning trade, Brent oil futures for December went lower by 0.5% to 42 dollars 23 cents a barrel. WTI futures for November showed a similar decline and settled at 40 dollars a barrel.
Brent is expected to stay in the range between 40.00 and 43.50 dollars per barrel as there are no strong drivers to push it out of this channel.
On Tuesday, oil closed the session in positive territory, with both benchmarks gaining 1.5%. Crude prices were lifted by the OPEC report showing that the pace of recovery in the energy market was faster than predicted. Investors also widely expected the alliance to maintain the existing production cuts at its next meeting.
Positive data from China was another factor to support the prices. Thus, China’s oil exports rose by 2.1% in September compared to the previous month, whereas markets expected this number to decrease. If oil consumption in China continues to rise and OPEC keeps the output cuts, Brent has good chances of hitting 45 dollars per barrel.
Yesterday, the ruble closed the session moving moderately higher against the US dollar. However, on Wednesday, the greenback regained ground and advanced by 0.3%. Given the recent dynamics, the dollar/ruble pair is likely to consolidate above the 77.00 mark.
Today, the background is moderately positive for the ruble. Yet, there are no serious factors to support the bullish trend. Falling oil prices stop the ruble from further growth. Besides, all other emerging market currencies are holding flat at the moment which also does not bring any clarity about the rubles’ direction.
If Brent retreats to the channel of 40.00-42.00 dollars per barrel, the ruble is sure to extend its weakness. So, the US dollar may well return to the range between 77.50 and 80.00 against the ruble.
To start the uptrend, the Russian currency will need to break through the level of 76.00. The ruble’s growth is restricted by geopolitical factors and the spread of coronavirus infection. In addition, the risk of more sanction against Russia in response to Navalny's case discourages investors. Tomorrow, the EU summit will show whether the situation will deteriorate.
The nearest upward target for the ruble is seen at the level of 75.00. With the approaching tax payment period and the increased volume of currency interventions from the Bank of Russia, the ruble may easily head for more comfortable levels.

https://www.instaforex.com

FX Analytics - https://www.instaforex.com/forex_analytics
Forex Calendar - https://www.instaforex.com/forex_calendar
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv

Forex charts - https://www.instaforex.com/charts
Instant account opening - https://www.instaforex.com/fast_open_live_account
Forex Trading Contests - https://www.instaforex.com/forex_contests

List of official InstaForex blogs:
https://www.facebook.com/instaforex
https://www.instagram.com/instaforex/
https://twitter.com/InstaForex

#commodity_market #oil #instaforex_tv
← terug naar videolijst

InstaForex TV News

InstaForex TV News

Market TV Review

Market TV Review

Geography with InstaForex

Geography with InstaForex

InstaForex TV Interview

InstaForex TV Interview

Kan u nu niet praten?
Stel uw vraag in de chat.