Trader’s diary. June 4, 2020. Covid19 in Russia. Russian rouble. EURUSD
June 4, 2020 10:23 am
The number of active coronavirus cases in Moscow as of the morning of June 4 has decreased by 20%.
This is a chart of active coronavirus cases in Russia (231,000 – the last column).
The situation across Russia is not as good as in Moscow. The number of patients still remains at the highest levels and does not fall. Given that Moscow, with its decline, is included in this chart, it becomes clear that the quantity of new cases in Russia, with the exception of Moscow, is growing.
The situation in Russia is expected to stabilize not earlier than July 4-6.
As for the Russain rouble, you can start buying the US dollar and the euro for rubles.
As you can see, the rouble is starting to rebound from the new lows (chart). Sellers are running out of steam.
Strategically, there is no way for the price to go down. The greenback and the euro are expected to grow. Oil remains low enough and is likely to fall rather than grow. The Russian economy is in a very difficult situation because of the government’s refusal to support citizens and small businesses financially. Demand has fallen and will be at low levels for a long time. Measures announced by the Russian government are very indirect.
EUR/USD: The European Central Bank will hold a meeting today. The United States will deliver its weekly employment report.
It is better to buy the pair from the 1.1090 level, if there is a strong pullback.
The material has been provided by InstaForex Company – www.instaforex.com
The number of active coronavirus cases in Moscow as of the morning of June 4 has decreased by 20%.
This is a chart of active coronavirus cases in Russia (231,000 – the last column).
The situation across Russia is not as good as in Moscow. The number of patients still remains at the highest levels and does not fall. Given that Moscow, with its decline, is included in this chart, it becomes clear that the quantity of new cases in Russia, with the exception of Moscow, is growing.
The situation in Russia is expected to stabilize not earlier than July 4-6.
As for the Russain rouble, you can start buying the US dollar and the euro for rubles.
As you can see, the rouble is starting to rebound from the new lows (chart). Sellers are running out of steam.
Strategically, there is no way for the price to go down. The greenback and the euro are expected to grow. Oil remains low enough and is likely to fall rather than grow. The Russian economy is in a very difficult situation because of the government’s refusal to support citizens and small businesses financially. Demand has fallen and will be at low levels for a long time. Measures announced by the Russian government are very indirect.
EUR/USD: The European Central Bank will hold a meeting today. The United States will deliver its weekly employment report.
It is better to buy the pair from the 1.1090 level, if there is a strong pullback.
The material has been provided by InstaForex Company – www.instaforex.com
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