- Russian ruble relief rally as risk appetite returns
- Russia’s currency changing hands at less than 1 US cent for 2nd straight week
- US dollar pullback drives RUB to USD pair higher
- Russia – Ukraine conflict enters its third week
- Fed interest rate decision main risk event of the week
The Russian Ruble to US dollar (RUB/USD) exchange rate finished last week’s session on a more positive tone than it started the week settling down -5.18% at 0.00749 – but not before touching a new all-time low of 0.00633.
At the time of writing, one Ruble buys 0.007594 US dollars, slightly down -0.62% from Friday’s closing price.
The risk off reaction to the Russia – Ukraine conflict has somehow faded as equities erased some of the early losses and settled last week down -2.88% at 4204.
The dollar index, which gauges the greenback’s strength against a basket of major currencies, settled last week up +0.63% at 99.12.
Key events in the US this week include among others the Fed interest rate decision. Based on the market consensus, the US Federal Reserve is set to start its tightening cycle to tame down inflation which hits a 40-year high.
The Fed’s first rate hike is expected to be 25 basis points up to 0.50% from 0.25%.
Other risk catalysts include the Producer Price Index (PPI) data, followed by the US Retail Sales. Meanwhile, geopolitical tension continues to weigh on the risk sentiment.
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