USD/RUB ANALYSIS
- Ruble under pressure after rate hold.
- Governor Elvira Nabiullina potentially up for a third term.
RUBLE GIVES BACK RECENT GAINS AFTER CENTRAL BANK ANNOUNCEMENT
Inflationary pressures mount on the Russian economy yet the central bank decided to keepinterest rates steady. Initial reactions from markets saw the Ruble depreciate against the US dollar although the recent trajectory has been favoring the downside. Hopefulness around geopolitical tensions, the prospect of Russia meeting its debt obligations and a weakening dollar have all contributed to the Ruble retort.
Source: DailyFX Economic Calendar
Adding to Ruble downside this morning came via the proposed re-election of current central bank Governor Elvira Nabiullina. This weighed down on the Ruble as the intent from President Vladimir Putin looks to be to maintain control over the central bank with a tried, tested and trusted appointment.
With regards to the post-announcement press conference it was announced earlier this week that Nabiullina will not be taking questions so there is question marks over whether the press conference will go ahead or not.
TECHNICAL ANALYSIS
USD/RUB DAILY CHART
Chart prepared by Warren Venketas, IG
Resistance levels:
Support levels:
Contact and follow Warren on Twitter: @WVenketas
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