Location & Language

Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)

U.S. Dollar Weakens Against Russian Ruble Amid Economic Resilience in Russia

The U.S. dollar continues its downward trend against the Russian ruble for the fourth consecutive day, having reached 86.62 two days ago. It is currently trading near the 87.50 level. The pair remains down by about 2% year-to-date.

Despite the ongoing Western sanctions on Russia since the outbreak of the Russian-Ukrainian war, recent Russian economic data shows that the Russian economy is indeed resilient:

  • The industrial production index rose by 3.3% year-on-year in July, exceeding expectations (2.2%) and the previous reading (2.7%).
  • The retail sales index grew by 6.1% year-on-year in July, surpassing expectations (5.4%) and the previous reading (6.3%).
  • The services PMI (Purchasing Managers’ Index) reached 52.3 points in August, beating expectations (51.1), marking its highest level since January 2024.
  • The Russian central bank’s foreign exchange reserves increased in August to $614.5 billion, exceeding the previous reading of $609.9 billion.
  • The unemployment rate hit a record low of 2.4% in July.

It is worth noting that a significant factor that may provide downward momentum for the USD/RUB pair is the slowdown in the U.S. economy and the increasing market bets on U.S. interest rate cuts. Currently, there is a 56% probability of a 25 basis point cut and a 44% probability of a 50 basis point cut at the September 2024 meeting, which could support the Russian ruble.

From a technical perspective, if the pivot point at 88.39 for the USD/RUB pair is broken, it could target support levels at 86.49, 85.19, and 83.29. Conversely, if the pivot point is surpassed, it may target resistance levels at 89.69, 91.59, and 92.89. The Relative Strength Index (RSI), currently at 40 points, indicates negative momentum for the USD/RUB pair.

 

 

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.

Back

Popular Posts

U.S. Stock Markets Face Sharp Fluctuations Amid Rising VIX

Reasons for the Decline of the Mexican Peso Against the US Dollar

Weakness of the Swedish Economy and Its Impact on the USD/SEK Pair

El Dow Jones, Nasdaq 100 y S&P 500 abren mixtos tras la confianza...

Lorem Ipsum

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

Here are some related articles you may find interesting:

Market Insights​

November 1, 2024

U.S. Stock Markets Face Sharp Fluctuations Amid Rising VIX

U.S. stock markets are experiencing sharp fluctuations, with the VIX index rising to levels above 23 points yesterday, its highest level since September 6. U.S....

Market Insights​

October 31, 2024

Reasons for the Decline of the Mexican Peso Against the...

The price of the US dollar against the Mexican peso continues its upward trend, reaching 20.2253 yesterday, the highest level since September 29, 2022. The...

Market Insights​

October 30, 2024

Weakness of the Swedish Economy and Its Impact on the...

The price of the US dollar against the Swedish krona continues its upward trend, reaching 10.6852 yesterday, the highest level since August 2, 2024. The...

Market Insights​

October 29, 2024

El Dow Jones, Nasdaq 100 y S&P 500 abren mixtos...

El Dow Jones opera con pérdidas y retoma la perspectiva bajista, alcanzando mínimos de dos días en 42,166.El Promedio Industrial Dow Jones inició las negociaciones...

Ready to Elevate Your Trading Journey?

Open a Taurex account and start trading today.

We’re Sorry

Access to tradetaurex.com
is unavailable in your region

tradetaurex.com is required to abide by global laws and therefore the information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Myanmar, Belgium, Spain, France, Japan, South Korea or any particular countries and is not intended for distribution to, or use by, any person in an country or jurisdiction where such distribution or use would be contrary to local law or regulation.