- Russian Ruble snaps two days of gains against GBP
- Gold bids evaporate as risk aversion takes a breather
- Russian inflation hits six-year high
- Russian GDP data postponed for today, March 10
At the foreign exchange market, the value of the Russian ruble appreciated on Wednesday for the second consecutive day settling up +5.79% at 0.00632 against the British Pound. The RUB/GBP exchange rate was seen trading on Thursday morning within a trading range of an intra-day low of 0.00625 and a high of 0.00649 – on track to rally for 3 consecutive days.
Elsewhere, the gold price settled down -2.82% at $1,992 after it retested the previous all-time high on Wednesday. Despite the ongoing Russia – Ukraine conflict and inflation concerns, the risk-off sentiment took a pause.
In Russia, the inflation rate jumped to a six-year high of 9.2% in February up from the 8.7% previous reading. Prices of gasoline have spiked and nearly everything else saw an increase. Food price has seen the fastest increase, being up 11.5% annualized rate.
According to Russia’s national statistics agency Rosstat data the month-over-month inflation reading also increased to 1.2% up from 1% reading in January.
The current inflation rate is more than double the Russian central bank target of 4%.
Looking forward, in terms of risk events Russian GDP data for January has been postponed to today March 10.
A message from Wise (formerly TransferWise)
Our team is made up of over 90 nationalities, with offices all over the world — including Cherkasy — so we felt it important to put together resources for donating, and sending money to Ukraine. You can access this
support hub here.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
