Russian Ruble prints the first daily loss in five around 93.55 as it bounces off the three-week low marked the last Thursday heading into Monday’s Eur
opean session. In doing so, the USD/RUB pair reverses the first weekly fall in five as the US Dollar regains upside momentum after pausing the Greenback bulls on Friday. It’s worth noting that the Central Bank of Russian Federation’s surprise rate hike and cautious mood ahead of this week’s top-tier data/events fail to inspire Russian Ruble buyers, especially amid downbeat concerns about Russia and the global economy.
Additionally, the Financial Times reported during the weekend that China indirectly pushes for competition with the Group of Seven nations while marking its presence at the BRICS meeting where officials from Brazil, Russia, India, China and South Africa spoke, signaled.
Against this backdrop, the US and European stock futures stay defensive while keeping the previous day’s rebound from the monthly lows while the US 10-year Treasury bond yields also reverse Friday’s retreat by rising back to 4.29% at the latest. With this, seesaw around a 10-week high and exerts downside pressure on the Russian Rubble.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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