The mood on the world markets on Thursday morning can be described as contradictory. In Asia, the leading sites demonstrate multidirectional dynamics. Futures on the main US indices, after a significant decline on Wednesday amid a rise in the US Federal Reserve rate by 25 bps, are recovering this morning, adding up to 0.5%. The nearest futures for Brent crude oil is down 0.9%, however, due to the dynamics of the previous sessions, it holds positions around $ 76 per barrel. Of the macroeconomic events that can influence investor sentiment today, we will highlight the Bank of England's decision on the rate and the publication of a block of data on the labor market and statistics on applications for unemployment benefits in the United States.
By the end of Wednesday, the Moscow Stock Exchange index fell by 0.2%, retreating to 2,394 points. Note that in recent sessions, our market has been consolidating at new local highs set around 2,400 points. At the same time, our shares are supported by an improvement in the situation in oil prices. However, the desire of some players to fix profits on long positions compensates for the positive from the energy market and does not allow the Russian market to continue its upward dynamics. In our opinion, today, during the session, the Moscow stock Exchange index may go into a corrective decline and retreat to the area 2 350 – 2 380 points.
On the currency section of the Moscow Stock Exchange this morning, the main world currencies show a multidirectional movement against the ruble. So, by 9.10 Moscow time, the dollar is losing 0.4%, trading around 76.8 rubles, the euro and yuan, on the contrary, are growing by 0.6% and 0.4%, rising to 83.7 and 11.23 rubles, respectively. During the session, the national currency may try to recoup some of the losses incurred against the euro and the yuan, and strengthen its position against the dollar. The reason for such dynamics is the improvement of the situation on the energy market and the increased supply of foreign currency from exporters, who are preparing for the peak of tax payments due on March 27. Under the circumstances, the dollar/ruble pair may retreat below 76.5 rubles during the session.
Bogdan Zvarich, Chief Analyst of the <url> financial platform
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