Market exchange rate of EUR raised above71 RUB.

On August 11 to 16: 25ch reached EUR 71,16 RUB. At the same time USD is traded at 64,16 RUB.

The decline in RUB is linked to two major topics devaluation of the Chinese yuan and the price dynamics of oil.

Generally RUB is under pressure both external and internal factors. For external influence oil price Brent, which in August already go below $ 49 / bar. Even more influence on market expectations for higher interest rates in the US earlier this fall.

"We turned to oil traders, we are trading oil dynamics by RUB, which repeats completely oil movements ..." comment to Reuters dealers from Moscow.

In the domestic market, banks in the RF began preparing for upcoming maturities on foreign obligations. The total volume of debt payments abroad of Russian banks and corporations is estimated over $ 14 billion. This is a serious condition in early autumn to reach USD 65-70 RUB, which will create a serious problem for Russian Central Bank. Government and Elvira Nabiullina will no longer have conditions to continue to reduce interest rates. On the other hand, the Russian Ministry of Economy continues to expect a decline of Russia's GDP by 3% in 2015. This, according to them will be a transition of the economy on the path of growth in 2016. Economists at the International Monetary Fund and World Bank, however, predict pretty more severe and prolonged economic recession.

Short-term consolidation is expected due to the holiday season. First strong resistance levels for USD 64,5-65 RUB and first strong support - about 62,5 RUB to USD.