Michael Poddubsky, analyst at Teletrade:
Last trading session the Russian rouble is strengthening. Support the national currency largely supports the increase of oil prices on the background of statements of different countries about the freezing of oil production at the January level.
At the moment the price of Brent crude oil is around $ 36 per barrel, and for further strengthening of oil prices it is highly desirable to find new drivers of growth.
While the futures for Brent not to fixate above 36 dollars per barrel, the Russian ruble continue to rise in price would be problematic. Although the flashing further growth of oil prices in the area is 38 dollars per barrel and against this background it is reasonable to expect decrease in pair dollar/ruble in the area is 72, but the question of when we will see these numbers, answer quite difficult.
Stock market risk appetite in recent days is also quite high, which also supports the Russian assets in General and the position of the Russian ruble in particular.
From February to may of last year we saw a phase of consolidation of the ruble on the currency market, and, in principle, under certain scenarios, something similar could happen again. However, this requires new incentives and consolidation of developed markets on the road to recovery
