On Monday, March 2, global financial markets gradually began to recover after a record fall in late February. Partially able to restore the position and the Russian ruble. By the close of trading on Monday, the dollar lost 41 kopecks against the ruble. (-0.6%), falling to a record 66.47 rubles., And the euro continued to strengthen and grew by 27 kopecks. (+ 0.37%), up to 74.09 rubles.

The situation in the oil market calmed down somewhat. The price of oil on the first working day of March rose sharply, rising 5.1% to $ 52.62 per barrel. Partly the increase in oil prices was helped by Russian President Vladimir Putin, who said that OPEC + is an effective format for ensuring long-term stability in the global energy market. In anticipation of the meetings of OPEC and OPEC +, which will be held March 5 and 6 in Vienna, this statement inspired a bit forgotten optimism in the futures market traders. This morning, the price of Brent continues to grow, although insignificant, and rises by 0.04%.

The head of the European Central Bank, Christine Lagarde, said that the ECB intends to take measures to prevent the effects of the outbreak of coronavirus on the eurozone economy, which helped to strengthen the euro on Monday. And the Bloomberg news agency on Monday spread information citing unnamed sources in the White House that the Trump administration is conducting some backstage negotiations with the Fed to cut interest rates already at the upcoming March 18 meeting of the open market committee. There is no official confirmation of such news, however, global stock markets on Monday grew rapidly.

We expect that at the opening of trading today, the strengthening of the Russian ruble may continue. Nevertheless, while our forecast for the dollar is 66.5-67 rubles, and the forecast for the euro is 74-75 rubles.

Natalia Milchakova, Deputy Head of IAC “Alpari”