- A softer dollar helps push Russian ruble higher
- Ruble gains for the second consecutive session
- US stock market bounced following a 4-day losing streak
- US Federal Reserve expected to hike interest rates
The Russian Ruble to US dollar (RUB/USD) exchange rate continued the upward trajectory on Tuesday for the second consecutive session settling 12.78% higher at 0.00944. Increased risk appetite in global markets buoyed sentiment helping risky currencies such as the ruble to strengthen.
At the time of writing, one Ruble buys 0.00930 US dollars, up +6.13% for the day.
Meanwhile, commodity prices and energy prices plummeted with Oil leading the pears after it dropped over -28% from its peak.
Elsewhere, investors regain risk appetite for stocks. The US stock market bounced following a 4-day losing streak triggering a major reversal. The S&P 500 rose on Tuesday +2.14% settling at 4,262 but not before printing its first death cross bearish signal in 24 months.
The dollar index, which gauges the greenback’s strength against a basket of major currencies, settled down for the second straight day -0.08% at 99.01.
Looking forward, investors and global markets will keep an eye on the anticipated Federal Reserve interest rate hike at today’s FOMC meeting. The US Federal Reserve is expected to hike its benchmark interest rate by 0.25% narrowing the interest rate differential gap against the Russian central bank.
The interest rate decision will be followed by a press conference scheduled at 6:30 PM UTC, which will take the spotlight.
Fed Chair Jerome Powell might reveal more details about the future trajectory of interest rates in the USA.
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