The Moscow Exchange raised its margin requirements for trading the Russian ruble across the board as the currency continues to drop like a falling knife in light of an incoming Russian central bank meeting.
The Russian ruble has been on its back for two months now, marking new all-time lows pretty much every single week since the beginning of September. More worryingly, it has surpassed all of the major forecasters' expectations, currently trading at 43.50 rubles per US dollar.
While part of the rise can be attributed to the multi-year highs in the US dollar index, the drop has been accelerating in recent weeks as the value of the currency is suffering from ongoing capital outflows and loss of confidence in the value of the currency by the local population.
In another sign underlining the seriousness of the matter, the Moscow Exchange hit the wires today with an announcement that it is increasing Margin Requirements on Russian ruble major crosses against the US dollar, the euro and the Chinese yuan.
The Russian ruble hit another record low today and is now trading lower by 17% since the beginning of September and over 28% since the start of the year.
The Bank of Russia has resorted to higher interest rates, boosting them to 8% in July as pressure rose on the Russian ruble due to geopolitical tensions in Ukraine and the resulting sanctions for Russian companies and wealthy individuals.
Another major factor affecting the Russian forex market has been the rapid decline in oil prices, which at the time of writing have dropped by 23% since the beginning of July. The Russian government is relying heavily on prices of oil remaining above the crucial $100 mark. Currently, Brent crude oil prices are hovering just above $86 per barrel.
The next meeting of the Bank of Russia is tomorrow and markets are anxiously awaiting what they have to say about the next round of excessive Russian ruble depreciation during the past weeks. Recent talks of a currency peg of the Russian ruble now seem unrealistic at best.
Last time the central bank stated: “Current monetary policy stance will ensure decline in consumer price growth rate to the target of 4% in the medium run.” Since then the rate of inflation continues to rise, now double the 4% target mentioned in the Bank of Russia’s statement.
The Russian ruble has been on its back for two months now, marking new all-time lows pretty much every single week since the beginning of September. More worryingly, it has surpassed all of the major forecasters' expectations, currently trading at 43.50 rubles per US dollar.
While part of the rise can be attributed to the multi-year highs in the US dollar index, the drop has been accelerating in recent weeks as the value of the currency is suffering from ongoing capital outflows and loss of confidence in the value of the currency by the local population.
In another sign underlining the seriousness of the matter, the Moscow Exchange hit the wires today with an announcement that it is increasing Margin Requirements on Russian ruble major crosses against the US dollar, the euro and the Chinese yuan.
The Russian ruble hit another record low today and is now trading lower by 17% since the beginning of September and over 28% since the start of the year.
The Bank of Russia has resorted to higher interest rates, boosting them to 8% in July as pressure rose on the Russian ruble due to geopolitical tensions in Ukraine and the resulting sanctions for Russian companies and wealthy individuals.
Another major factor affecting the Russian forex market has been the rapid decline in oil prices, which at the time of writing have dropped by 23% since the beginning of July. The Russian government is relying heavily on prices of oil remaining above the crucial $100 mark. Currently, Brent crude oil prices are hovering just above $86 per barrel.
The next meeting of the Bank of Russia is tomorrow and markets are anxiously awaiting what they have to say about the next round of excessive Russian ruble depreciation during the past weeks. Recent talks of a currency peg of the Russian ruble now seem unrealistic at best.
Last time the central bank stated: “Current monetary policy stance will ensure decline in consumer price growth rate to the target of 4% in the medium run.” Since then the rate of inflation continues to rise, now double the 4% target mentioned in the Bank of Russia’s statement.
CFI Obtains Regulatory Approval for South African Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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