- Russian Ruble secured a 4-day winning spree against GBP on Friday
- FTSE 100 index gains as risk appetite returns
- Currency markets nervously eye Thursday’s BOE interest rate decision
- Russian central bank interest rate decision back in focus on Friday
At the foreign exchange market, the value of the Russian ruble appreciated on Friday settling slightly up +4.19% at 0.00671 against the British Pound. The RUB/GBP exchange rate was seen trading on Monday morning within a tight trading range of an intra-day low of 0.00665 and a high of 0.00673 – on track to give back some of last week’s gains.
The value of the Russian ruble against GBP plunged over 41% since the start of the Russia – Ukraine conflict. The combined impact of the Western sanctions has played a major role in weakening the ruble.
Elsewhere, the leading index of the London Stock Exchange FTSE 100 index shrugged off the risk-off trade last week to settled up +2.91% at 7,159.
Macro-economic events that have the potential to drive the currency exchange rate includes UK labor market figures on Tuesday followed by the BOE interest rate decision on Thursday, which will give more clear direction to the RUB to GBP pair.
Meanwhile, in Russia, currency traders eye the trade balance figures for January, which will be released later during the day.
The biggest piece of risk event is the interest rate decision by the Russian central bank on Friday. Russia already hiked the interest rate to 20%, the highest in almost two decades.
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.
