- Russian Ruble euphoric rally quickly fades away
- Plummeting Ruble resume downwards
- New sanctions hit the Russian economy
- Light economic calendar in Europe
The RUB to EUR pair was seen trading on Wednesday within a trading range of 0.007454 and 0.006574 low of the day. At 10:00 UTC, RUB/EUR trades down -6.51% at 0.006692. The Russian Ruble’s attempt to stage a bounce failed and we’re trading back towards the low of the week.
The US administration announced a historic ban on Russian oil and gas imports. However, the European Union has not joined the US in banning Russian oil.
In retaliation measures, Russia’s Putin banned the export of products and raw materials outside the Russian Federation until December 31.
The value of the Russian Ruble tumbled since Russia – Ukraine conflict started and yesterday’s rally against the Euro marks the first attempt of Russia’s currency to shrug off downside pressure.
Elsewhere, the Euro zone economic growth slowed in Q4 of 2021 amid diminished household spending. On the other side, the Russian economy is expected to grow by 5.1% in January up from the 4.1% previous reading.
Looking forward, there is a light economic calendar in Europe, leaving the RUB to EUR pair to take its cues from the ongoing geopolitical tensions.
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