During Monday’s European session, the USD/RUB pair sees an uptick in bids. Despite a mercenary group, Wagner Group, abandoning their mutiny against Moscow, the Russian Ruble (RUB) pair fails to inspire confidence in Russian President Vladimir Putin. The underwhelming performance of oil prices further weighs down the RUB price, Russia’s primary export commodity.
According to Reuters, Russia aims to restore calm after Wagner Group mercenaries’ failed mutiny over the weekend, while Western allies evaluate how President Vladimir Putin will reestablish authority and its implications for the conflict in Ukraine. The news reports that the Wagner fighters withdrew from Rostov, a southern Russian city, and returned to their bases on Saturday; under a deal guaranteeing their safety.
Meanwhile, WTI crude oil remains uncertain at around $69.50, following; an enormous weekly loss since early May amidst concerns over China’s economic growth. Despite positive developments suggesting additional stimulus from Beijing, global rating agency S&P has recently downgraded China’s GDP growth forecasts 2023 from 5.5% to 5.2%. Consequently, the oil market pays little attention to hopes of increased oil demand and supply shortages supported by OPEC and Russia.
On another front, the U.S. Dollar Index (DXY) relinquishes its first weekly gain in four, trading around 102.70, as it bears the weight of mild optimism surrounding China and diminishing geopolitical concerns related to Russia. Additionally, consolidation before this week’s U.S. inflation data and central bankers’ speeches puts downward pressure on the DXY.
It is important to note that Fed Chair Jerome Powell reiterated a hawkish position on the U.S. Federal Reserve’s (Fed) policies in his testimony – last week. Positive U.S. Purchasing Managers’ Index (PMI) statistics and remarks from Mary Daly, President of the Federal Reserve Bank of San Francisco, in favor of two rate
increases strengthened this idea.
Looking ahead, the USD/RUB pair’s weekly movements will be influenced by geopolitical news, U.S. inflation indicators, and multiple central bankers’ speeches at the European Central Bank (ECB) Forum.
USD/RUB Long (Buy)
Enter At: 86.2146
T.P_1: 90.0354
T.P_2: 94.4921
T.P_3: 98.9945
S.L: 73.0982
Disclaimer
All information on this website is of a general nature. The information is not adapted to conditions that are specific to your person or entity. The information provided can not be considered as personal, professional or legal advice or investment advice to the user.
This website and all information is intended for educational purposes only and does not give financial advice. Signal Mastermind Signals is not a service to provide legal and financial advice; any information provided here is only the personal opinion of the author (not advice or financial advice in any sense, and in the sense of any act, ordinance or law of any country) and must not be used for financial activities. Signal Mastermind Signals does not offer, operate or provide financial, brokerage, commercial or investment services and is not a financial advisor. Rather, Signal Mastermind Signals is an educational site and a platform for exchanging Forex information. Whenever information is disclosed, whether express or implied, about profit or revenue, it is not a guarantee. No method or trading system ensures that it will generate a profit, so always remember that trade can lead to a loss. Trading responsibility, whether resulting in profits or losses, is yours and you must agree not to hold Signal Mastermind Signals or other information providers that are responsible in any way whatsoever. The use of the system means that the user accepts Disclaimer and Terms of Use.
Signal Mastermind Signals is not represented as a registered investment consultant or brokerage dealer nor offers to buy or sell any of the financial instruments mentioned in the service offered.
While Signal Mastermind Signals believes that the content provided is accurate, there are no explicit or implied warranties of accuracy. The information provided is believed to be reliable; Signal Mastermind Signals does not guarantee the accuracy or completeness of the information provided. Third parties refer to Signal Mastermind Signals to provide technology and information if a third party fails, and then there is a risk that the information may be delayed or not delivered at all.
All information and comments contained on this website, including but not limited to, opinions, analyzes, news, prices, research, and general, do not constitute investment advice or an invitation to buy or sell any type of instrument. Signal Mastermind Signals assumes no responsibility for any loss or damage that may result, directly or indirectly, from the use or dependence on such information.
All information contained on this web site is a personal opinion or belief of the author. None of these data is a recommendation or financial advice in any sense, also within the meaning of any commercial act or law. Writers, publishers and affiliates of Signal Mastermind Signals are not responsible for your trading in any way.
The information and opinions contained in the site are provided for information only and for educational reasons, should never be considered as direct or indirect advice to open a trading account and / or invest money in Forex trading with any Forex company . Signal Mastermind Signals assumes no responsibility for any decisions taken by the user to create a merchant account with any of the brokers listed on this website. Anyone who decides to set up a trading account or use the services, free of charge or paid, to any of the Broker companies mentioned on this website, bears full responsibility for their actions.
Any institution that offers a service and is listed on this website, including forex brokers, financial companies and other institutions, is present only for informational purposes. All ratings, ratings, banners, reviews, or other information found for any of the above-mentioned institutions are provided in a strictly objective manner and according to the best possible reflection of the materials on the official website of the company.
Forex/CFD trading is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before each Forex/CFD investment, you should carefully consider your goals, past experience and risk level. The opinions and data contained on this site should not be considered as suggestions or advice for the sale or purchase of currency or other instruments. Past results do not show or guarantee future results.
Neither Signal Mastermind Signals nor its affiliates ensure the accuracy of the content provided on this Site. You explicitly agree that viewing, visiting or using this website is at your own risk.
