The Russian ruble traded well the day before, accelerating the strengthening in the evening. The US dollar closed Thursday’s session at 63.72 rubles. The euro finished close to 70.76 rubles. (-0.11%). So far, nothing critical or attention-grabbing is all within expectations.
So far, the OPEC meeting in Vienna these days has not ended in anything interesting or productive, as the participating countries stumbled on the terms of the agreement. Saudi Arabia wants to see assurances that all participants will abide by an agreed production framework, but many of them are unable or willing to give such guarantees. Against this background, the barrel in the morning slightly sags and trades at $63.28. Active movements in oil will appear only after the investors have the facts.
So far, the market’s focus is on what is happening with OPEC and OPEC. For the ruble, no matter how much you want to believe it, fluctuations in the cost of raw materials are more important than it seems at first glance.
Anna Bodrova, Senior Analyst at Alpari
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.