MACRO VIEW: USDRUB CAN REVERT ON CENTRAL BANK SUPPORT
USDRUB was trending upwards in correlation with WTI Oil descend since beginning of July
Currently Oil fell to its 2015 lows (slightly below them now) while USDRUB was holding 65 level with apparent Central Bank of Russia support.
CBR is selling USD against RUB in attempts to stabilize the national currency.
If the Oil trend down stops at this level, USDRUB is likely to bounce back to 1st st deviation from quarterly (66-day) mean, and then to the mean itself, ceasing its uptrend.
Currently Oil fell to its 2015 lows (slightly below them now) while USDRUB was holding 65 level with apparent Central Bank of Russia support.
CBR is selling USD against RUB in attempts to stabilize the national currency.
If the Oil trend down stops at this level, USDRUB is likely to bounce back to 1st st deviation from quarterly (66-day) mean, and then to the mean itself, ceasing its uptrend.
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