Investment strategist predicts yuan, dollar and euro rates for next week 12:33

Next week, the yuan exchange rate will approach 12 rubles, and futures contracts for the dollar and euro will approach 85 rubles. and 92 rub. respectively A currency futures contract is a derivative financial instrument in which the buyer agrees to purchase one currency in exchange for another currency in the future at the current price agreed upon by both the buyer and seller at the time the contract is formed. When you trade Forex, you are also exchanging one currency for another at an agreed-upon price. After the imposition of US sanctions against the Moscow Stock Exchange, dollar and euro trading is not carried out in Russia, but futures contracts for American and European currencies are traded. . This forecast was given to socialbites.ca by Alexander Bakhtin, investment strategist at BCS World of Investments.

“Following the imposition of sanctions against the Moscow Stock Exchange and the National Clearing House, the foreign exchange market is adjusting to the new reality and experiencing bursts of increased volatility. “The exchange rate of the yuan has fallen below 11 rubles, and the nearest futures contracts for the dollar, which best reflect the exchange rate, fell to 82.6 rubles today, while euro futures fell below 90 rubles,” he said.

This is significantly below the official rates of 87.03 rubles set by the Central Bank the day before. per dollar and 93.29 rubles.

Bakhtin linked this trend both to its emotional aspect (investors selling currencies, including the yuan, fearing the resulting risks) and to the possible decline in demand for foreign currency from importers. The expert added that oil prices have increased recently and the tax period is approaching in Russia, and the peak will be on June 28. Bakhtin noted that the ruble is also supported by tight monetary policy, foreign exchange sales under the fiscal rule and the repayment of most of the revenues by exporters. He did not rule out higher gains for the ruble but said currencies were more likely to rebound from 13-month lows next week.

The expert admitted that sentiments in the foreign exchange market will subside and importers will restructure their payment plans for supplies, after which by the end of summer the yuan-ruble pair will return to the positions occupied at the beginning of June. On June 1, 2024, the value of the Chinese currency was 12.4 rubles.

Yuan exchange rate before fallen Last year it was below 11 rubles for the first time.

What are you thinking?



Source: Gazeta

Popular

More from author

European Union increases fertilizer imports from Russia 01:00

According to the publication, in January-May of this year, Russian companies increased fertilizer supplies to EU countries by 1.7 times on an annual basis,...

Deputy Governor of Khanty-Mansi Autonomous Okrug attended the Council of State 02:17

Deputy Governor of the Khanty-Mansiysk Autonomous Okrug (KhMAO) Ruslan Kukharuk became a member of the State Council of Russia. The corresponding decree of Russian...

In Latvia, they began to place “dragon teeth” on the Russian border 22.07.2024, 18:15

Latvia begins building defensive lines on border with Russia. Video of “dragon teeth” in border area released Telegram channel Nil Ushakov, member of the...