The news background regarding the U.S.-China trade settlement process remains mixed, leaving a very controversial situation on the emerging market exchange swell on Thursday. By the end of the working day, some currencies showed a weakening against the dollar (in particular, the Mexican peso, the Brazilian real and the Turkish lira). Other currencies, on the contrary, were significantly strengthened against the dollar (among them there were Indian rupees, South African rand and Russian ruble).
The main strengthening of the domestic currency was in the first half of trading. Thus, in the first minutes after the opening, the ruble strengthened to 64.15 against the dollar (Wednesday’s close was fixed at 64.35 rubles) and by mid-afternoon tested the mark of 64. However, at this level, the national currency met resistance and adjusted for the evening in the region of 64.15-64.20 rubles, remaining in the plus by 0.3-0.4%.
In the main currency pairs on forex investors showed fears about the trade relationship between China and the United States. This was manifested in the positive dynamics of the defensive Japanese yen and the Swiss franc, as well as in the strengthening of the dollar itself paired with the euro.
Yuri Kravchenko, Head of Bank And Money Market Analysis at Velez Capital
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