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Rouble extends recovery, edges up against Dollar

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Russia’s Rouble extended recovery gains on Thursday and the stock market returned to trading.


The Rouble was 1.4% up against the Dollar in early Thursday trading, prolonging overnight gains fuelled by President Putin saying Russia would begin selling gas to "unfriendly" countries in Roubles.


In addition, the Rouble edged up 1.9% against the Euro at 106, a long way from the 90-mark seen before Russia invaded Ukraine last month, Reuters reports.


Elsewhere, the greenback found support in Asian trading on Thursday, whilst a U.S. bond market recovery provided little consolation to the Japanese Yen.


In regard to the Australian and New Zealand Dollars, moves were modest in Asia, with both down around 0.2% from Wednesday’s multi-month highs, whilst the Euro fell 0.1% to $1.0985.


The Yen declined 0.3% to a new six-year low of 121.49 per Dollar, as investors forecast the Bank of Japan to trail others in policy tightening moves.


The U.S. Federal Reserve has broadened the policy gap, despite the Treasury market steadying overnight not providing a lot of help for the Yen.


"The fundamental drivers of Dollar/Yen now are U.S. rates as well as Japan's current-account deterioration because of high oil prices," said Shinichiro Kadota, senior FX strategist at Barclays in Tokyo.


"From a technical perspective, about 121.7 was the high from early 2016, so that would be the next key target in the really near-term, but if we break above that, 125 could come into focus."


The Australian Dollar stood at $0.7486, finding strong resistance around the $0.75 mark. Whereas the New Zealand Dollar was last at $0.6959.


The Pound fell overnight to $1.3187 on Thursday, despite hotter-than-forecast inflation in February.

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.