Ruble and RTS: Catching up with America

Ruble and RTS: Catching up with America

Ruble and RTS: Catching up with America – S&P 500 futures are back above 3400 points. So far, lower than even September 10, but holding firmly. China released good August data on industrial production and investment in fixed assets. In Germany, there is good news on economic sentiment, and in the US industrial production in August lagged behind forecasts, but export and import prices are growing better than expected.

Fifty congressmen immediately announced the readiness of a bill to combat the consequences of the coronavirus for $ 1.5 trillion. Since there are both Democrats and Republicans among the applicants, there is a chance that it will eventually come to approval.

A separate reason is the meeting of the Committee on Operations in the Open Markets of the Federal Reserve, which began today: it seems to many that the situation is bad enough for the regulator to take new stimulating measures.

“A good index of manufacturing activity NY Empire State came out – it is much better than expected, and this is already the data for September, not August. Together with the data on China and Europe, this played into the hands of the bulls. Plus there is good information on coronavirus vaccines from AstraZeneca (LON: AZN) and Pfizer (NYSE: PFE). Both the stock market and oil reacted to this, ”says chief analyst at Prosvyazbank Bogdan Zvarych.

Futures on a barrel of Brent came out and is walking above $ 40 – by the way, it is worth noting that the talk about “freeing the Russian market from the oil peg” in the last year has somehow decreased. So there is good growth on the Russian market today – the Moscow Exchange index steadily moved all day to the level of 2980 points and grew by 1.78%, the RTS index passed the level of 1250 points and grew by 2.05%. The ruble is also gaining strength – by 20.30 Moscow time, the dollar rate dropped by 32 kopecks. up to 74.95 rubles.

“We are winning back the improvement of the sanctions background and are catching up with the previously grown world markets with a delay. Last week, the Moscow Exchange index came close to the support level of 2850 p., From there, as expected, came to the important level of 3000 p. This is the resistance level, and from it there will be certainty – where the index will go during the week. If it fails to be broken, then a new upward reversal will be at the level of 2700-2750 p.If the breakout succeeds, then it is quite possible to rewrite the August highs – and this, in turn, will open the way to historical highs, that is, just above 3200 p. , – predicts Bogdan Zvarich. – The ruble is also showing good dynamics thanks not only to oil, but also to the general sentiment in the currencies of developing countries, which rather indicates a desire to strengthen. As a result, the dollar rate is trying to return to the range of 70-75 rubles. If we manage to gain a foothold below 75, the target may be the next support at 73 rubles. – but there it will also be met by an uptrend that has been going on since June, and it will be extremely difficult to overcome this outright. ”

(Text prepared by Daniil Zhelobanov)

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