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Markets remain extremely volatile. While foreign news trumpeting the death crosses (50-day falls below 200-day) we continue to monitor the intersections of the ruble and oil important levels. Reliably at the moment we can only say that with the advent of autumn and the return of activity in the markets, the tug of war between bulls and bears has become more sharp.
For example, on August 31 the difference between the daily maximum and minimum in EURRUB exceeds 7.5 rubles, and divides these levels only two and a half hours. Yesterday's movement in the pair also hardly be called weak. Growth with open Tuesday-open environment exceeded 3.40. The change in the dollar against the ruble exceeded 2.5 R.
For a couple of the ruble with the Euro, the current levels of close to 75 are quite important because they are long enough consolidation. A similar, though less "round" level for the pair dollar/ruble is 67. If, under the guise of falling oil currency overcomes this threshold, in our markets may again recover the quest to shape the dynamics of the ruble in strict accordance with the dynamics of oil. Now while this correlation decreased slightly.
For the past day oil totally dominated in the price growth of 31 August on the news about the willingness of OPEC to agree with other exporters. Saudi Arabia still produces more oil than in the spring, and therefore not ready to cede market share, or even trying to build. If today there will be a decline of oil below 48.50 per barrel Brent, we can hope for further growth in the next few days and still achieve specified goals in yesterday 58-60.
If the oil breaks down 48, we should forget about the brief moment of the bull market that lasted about a day, and return to the realization that cheaper oil is our mid-term trend.
For example, on August 31 the difference between the daily maximum and minimum in EURRUB exceeds 7.5 rubles, and divides these levels only two and a half hours. Yesterday's movement in the pair also hardly be called weak. Growth with open Tuesday-open environment exceeded 3.40. The change in the dollar against the ruble exceeded 2.5 R.
For a couple of the ruble with the Euro, the current levels of close to 75 are quite important because they are long enough consolidation. A similar, though less "round" level for the pair dollar/ruble is 67. If, under the guise of falling oil currency overcomes this threshold, in our markets may again recover the quest to shape the dynamics of the ruble in strict accordance with the dynamics of oil. Now while this correlation decreased slightly.
For the past day oil totally dominated in the price growth of 31 August on the news about the willingness of OPEC to agree with other exporters. Saudi Arabia still produces more oil than in the spring, and therefore not ready to cede market share, or even trying to build. If today there will be a decline of oil below 48.50 per barrel Brent, we can hope for further growth in the next few days and still achieve specified goals in yesterday 58-60.
If the oil breaks down 48, we should forget about the brief moment of the bull market that lasted about a day, and return to the realization that cheaper oil is our mid-term trend.
