Specially for Rossiyskaya Gazeta Mikhail Kogan, head of Department of analytical researches “Higher school of financial management”, defined below, which levels can drop in the ruble.
on Monday the dollar and the Euro can continue to the end of the week upward trend against the ruble. According to experts, within the week we can not exclude the release to higher levels than those observed on 11 and 15 June – 79,55 to ruble against the Euro and 70,50 ruble against the dollar.
on Monday, are expected important news. Payment of income tax, which will mark the end of the tax period will not provide support to the ruble. During the week attention will be paid to quarterly results Micron, FeDeX, Constellation Brands, and General Mills. If they repeat the already gloomy nature of the reporting Nike, the atmosphere before we begin reporting the bulk of the companies will become more pessimistic. In addition, investors will expect publication of indices of business activity on Wednesday and Friday, and a report on US employment for may. This data will allow us to understand the degree of sustainability of the incipient recovery after a dip in April due COVID-19 and to predetermine the mood of the rest of the month.
Friday’s data on personal spending and income of U.S. citizens has demonstrated the persistence of the savings rate at an elevated level, despite “helicopter money” of the government in the amount of $1200 for every adult American at 23.2% against 33% in April. Therefore, it is now possible to speak only about the impact of delayed consumption because of COVID-19, more precise conclusions about the pace of recovery in the world economy can be done later.
Mixed signals are received in the energy market. Despite the deal, OPEC+ to limit production, global reserves of oil and oil products remain at an elevated level that will limit new attempts of growth. In such circumstances, if the mood in the financial markets does not improve, the Russian ruble will continue to weaken.
