- Russian Ruble briefly recovers from historic low
- Yesterday’s bullish momentum quickly fades away
- UK’s FTSE 100 bounces back securing first gain in a while
- Key economic data from Russia eyed
The Russian Ruble Pound (RUB/GBP) exchange rate bounce fails to hold the ground and it is trading back towards the low of the week as new sanctions target the Russian economy. The pair settled +2.77% higher yesterday at 0.005965.
However, at 11:00 UTC, RUB/GBP trades down -6.0% at 0.005607.
Meanwhile, the equity market in Britain scored the first positive day after it crashed over 9% since the start of the Russia – Ukraine conflict. Uk’s FTSE 100 settled up + 4.63% at 6,964.11 supported by the surge in the energy and commodity sector.
Elsewhere, the Gold price benefited from safe-haven bids and came close to breaking the previous all-time high of $2075. Yesterday, the Gold price settled +2.63% higher at $2050. However, at the time of writing, gold has given back some of its profits and it’s trading down -1.86% at $2012.
Looking forward it’s a busy day ahead on the economic calendar. In Russia, the inflation figures, the foreign exchange reserve and the GDP data for the first month of the year are in focus. As of February 25, inflation in Russia increased to 8.7% and is forecasted to continue its upward trajectory.
Meanwhile, the Russian economy is expected to grow by 5.1% up from 4.3%.
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