- Ruble plunges to a record low against Euro
- Russia’s invasion of Ukraine moves forward
- Russia’s sovereign debt cut to “junk” status
- German DAX index tumbles
The RUB to EUR pair was seen trading on Monday morning trade within a trading range of 0.008103 and 0.008867 high of the day. During the last trading day of last week, the pair tumbled -9.24% to 0.007427. Russia’s currencies dived to a new record low as Russia’s invasion of Ukraine moves forward.
At 10:00 UTC, RUB/EUR trades down -7.51% to a new historic low at 0.006869.
The Russian central bank failed to stop the demise of the Ruble after global credit rating agencies Moody and Fitch downgraded Russia’s sovereign debt to “junk” status. At the same time, Euro came under pressure and closed to the lowest level since May 2020.
Investors continue to be on edge amid the ongoing conflict in Ukraine. Both the Euro and the Russian Ruble will continue to remain exposed to the conflict escalation and oil price shocks.
Elsewhere, Germany’s stock market had its worst week since the pandemic crash tracking major European stock indices. The DAX 30 tumbled over -10% last week entering in a bear market territory.
Looking forward, investors are eyeing key data like the Eurozone GDP figures and the Unemployment rate scheduled on Tuesday. Among other risk events that have the potential to steer market sentiment this week include the European central bank rate decision on Thursday followed by the ECB press conference.
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