Friday, 16th of November:
Things have gotten worse for the US dollar on the Moscow Interbank Currency Exchange (MICEX). The Dollar currently stands at 24.48 RUR/USD, RUR 0.04 below the official exchange rate set by the Central Bank for November 17-19. (weekend numbers)
The ruble’s appreciation against the dollar is due to the Euro’s renewed rise against the American currency on international markets. The euro is currently trading at about $1.4650, up from $1.4595 as of 15:00 Moscow time. This means that the euro has strengthened by 0.4 percent against the dollar during this short period. (means the Euro is kicking the Dollars butt!)
This week has been uneven for the US dollar. Having risen by RUR 0.08 against the ruble on Monday and Tuesday, the dollar dropped RUR 0.04 to 24.49 RUR/USD on Wednesday, in line with developments on international markets, where the dollar fell 0.5 percent against the European currency. On Thursday, it dropped by a further RUR 0.03 against the ruble, but recouped the loss on Friday, rising by RUR 0.06 to 24.52 RUR/USD. Having recovered against the euro on Thursday, the dollar was expected to end the week in a positive mode.
But… The Dollar decided to go the other way. (Down)
The Dollar is starting to become unstable. The World markets will not be able to support it forever.
I say it will stay above water until Christmas is over! Then sink like a rock.
Sad but true!
Kyle
comments always welcome.