The ruble is now strong and stable, but will it be able to go up further?
The ruble is now strong and stable, but will it be able to go up further? The strengthening of the Russian ruble continues. On Thursday afternoon, the US dollar is trading at 57.09 rubles. (-0.4%). The euro is worth 68.35 rubles. (-0.1%). The official rates of the Central Bank of Russia for tomorrow, September 8, are 57.14 rubles. for the American currency and 68.24 rubles. for the euro. Both estimates were revised down by 19 and 17 kopecks. respectively.
The commodity market is traded by the middle of the session without a single dynamic. The barrel of the North Sea grade Brent costs $ 54.48 (+ 0.5%), while the barrel of the Texas WTI grade is estimated at $ 49.08 (-0.2%). Published yesterday, the data from the American Petroleum Institute showed that crude oil inventories rose by 2.79 million barrels in a week, while gasoline inventories fell by 2.54 million barrels. At the same time, stocks of distillates decreased by 603 thousand barrels. In general, the report came out quite natural: the demand for gasoline increased, despite the increase in prices during the revelry of Hurricane Harvey.
Tonight, the light will see updated data on reserves from the US Energy Ministry. It is possible that they will show approximately similar conclusions from the API. This can lead to correction of raw material quotations.
The ruble is now strong and stable, but will it be able to go up further? While oil keeps the upside potential in the direction of $ 56.5-57 per barrel of Brent (the technical picture allows one to count on this), and the demand for Russian OFZ returns – yes, it will. In case of breakdown of the level of 57.0 rubles. for the dollar down the path to 56.80 rubles will open. However, each new step of the national currency to strengthen more and more reveals problems with incomes and expenditures within the budget.