Thursday, September 16, 2010

Dollar falls to the ruble and the euro and did not think to take the onslaught after the break on Wednesday

The Russian ruble was on Wednesday under pressure, actively reducing both the dollar and euro. Rumors about a 20% decrease in m by the end of the year due to the huge payments abroad. These payments will be, but in such a strong influence on the course of their doubt. There is always the intervention, which to maintain a stable exchange rate often used by our Central Bank, and not recently used this tool. The amount of payments is estimated at 18 billion before the end of the year. With unabated influence on the market, the Central Bank can "give" a week for 3-4 billion dollars, that is all the necessary amount can be obtained by slightly more than a month.
In addition, there is also an opportunity to raise the bid, which is quite logical with the acceleration of inflation. It is high time to recall officials from the Central Bank, that inflation must be fought, and that in many ways is to allow long-term to improve macroeconomic performance. Yesterday's movement was strong, but does not exceed what we have seen only a few months ago.
Oil is relatively stable, while a 200-day moving average, and commodity currencies gladly redeem the fall, as seen quotations Australian and Canadian dollars. What, I think, and will market in the rest of the week and next week. Our "Strategic Long" in 31 rubles to the dollar executed this morning, after which consolidation is possible with a reduction to 30.80. By euro breakthrough up to 40,30. Impulsive motion being supported by a breakthrough euro / dollar may continue to 1,30 40,50 on Friday, but such outbursts do not seem sustainable.
For today, the euro is strengthening of the yuan, which grows fifth straight day against the U.S. Congress to discuss sanctions against China, as well as the upcoming meeting Geithner with the Chinese authorities. Nevertheless, it is possible that the euro / ruble has potopchetsya 40 next week due to increasing oil and the ruble.

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