Last week, we saw a huge short squeeze in oil and it seems that there could bee a opportunity for Crude's bulls. The RUB lost a big part of its value due to the Global fall in commodity prices. However if we believe RUB and Crude touched the bottom, then we could try a short USDRUB, or if you think EUR is going to be smashed by Yellen on September (or October, or December... #fedratehike), then Short EURRUB.
ist strange but recently Rulbe detached itself from oil... continued to fall despite oil stabilized!
magnans
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Well, you have to take into account also the other currency effects (USD or EUR). And even if Oil "stabilized", you still have a lot of volatility in the commodity market, see XAUUSD, USOIL... And political effect, tension between Russia and Europe/US.
However, I believe the Bank of Russia won't let the Rubble depreciates continuously..
If USOIL (WTI) continue to rebound, I think it will have a positive effect on RUB.
Killy_Mel
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i will yes, but it will take more and more upside on oil for ruble to rebound now. not only because of political factors, but also due to the strength of trend in ruble itself... basically it will now take alot of effect to turn the paradigm of falling ruble
magnans
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You're right, the rubble's trend is pretty strong... I guess we'll have to wait and see what happened :)
magnans
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BTW thanks for the comment :
See "Clear Correlation between RUB and WTI" chart :)