The ruble strengthened again. Volatility has fallen markedly
Russian financial market environment felt quite confident, although in the first place is, of course, it comes to the currency market.
It should be noted that the ruble trades today were pretty quiet during most of the day. For the first time in the last two weeks of volatility has been minimal, however, the curtain of the trading session, some surge still come. Almost simultaneously with the opening of the US session, the ruble began to strengthen and the dollar and the euro. Following the results of the substantive session of the ruble against the dollar has risen in price by 1.6% – to 45.60, while the euro has appreciated by 1.73% – to 56.88. Assign this behavior can be the dynamics in foreign markets where the commodity currency section also demonstrate strengthening: the Canadian and Australian dollars to the US grow by about 0.5%. While it is to predict the Russian currency is still very, very difficult.
In general we can say that the authorities have failed to pay off a panic on the currency market and may soon ruble fluctuations of 3% -4% per day will go down in history. By the way, that volatility is gradually reduced and said basic dynamics of interest rate swaps. In other words, the premium which the participants are willing to pay for the immediate delivery of currency declines. In the most "merry" the days of the past weeks, this premium reached 3%.
Today, the Bank of Russia published its review of foreign exchange asset management, and it has very interesting moments. For example, the euro’s share in international reserves actually exceeded the share of dollar. On the US currency accounts for 43.3% and 43.7% European. With respect to other currencies, then the Australian dollar of 1.1% of gold reserves, on the British pound – 9%, while the Canadian dollar 2.9%.
On the stock section of multidirectional dynamics. On the day the MICEX index added 0.08% symbolic, but the RTS index due to the ruble grew by 1.57%, with almost all of this growth, as in the situation with the ruble fell to the last hours of trading.
Among stocks again stood out paper "VTB"They rose 4.5%. It should be noted that such swings have been observed for the third consecutive day. On the eve of the truth, after the same rapid growth of intra-day, at the end of the paper reached the level of the previous close, but today growth could continue. But the paper "Sberbank" today closed in negative territory, losing on the day up 1.4%.
In the oil market continued sluggish decline in prices. As of 19:00 Moscow time futures for December delivery Brent blend crude traded at around $ 80.97. On Tuesday failed to break an important level of $ 82, but build on the success so far failed. Several times quotes approaching the price of $ 80 per barrel, but each time followed by a rebound.
When the oil is just starting its "bearish" trend, many experts are beginning to turn their attention to the so-called contango – the difference between the price for the next contract and the price of long futures. The greater the difference, the worse outlook for oil prices. At some point in late September contango is almost gone from the market, but now again a difference of a few dollars, so oil can still continue to fall.
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