The Russian Ruble fell to a new all-time low, reaching 85.9230 versus the US dollar as oil prices continue to plunge. According to the latest inventory figures from the American Petroleum Institute and Energy Information Administration, reports show more inventories piling up, potentially leading to a further price drop in for Russia’s leading export commodity despite a massive rally to the upside after the latest EIA figure showing 3.979 million barrels added to inventories for the week ending January 15th. Aside from the oil glut which is crushing prices, the Ruble’s spectacular fall is also pressured by the economic links between Russia and China with the latter economy quite vulnerable. The Central Bank of Russia is expected to release its monetary policy decision on January 29th. Central Bank officials have stated so far, that the CBR has no plans to step in, but if the declines persist, they will intervene.
ECB Rates Left Unchanged
Daily Analysis - 22/01/2016