The pair will continue to move higher in the following days towards the 100.000 price area. Despite the stagnant growth in the European Union, investors of the EUR/RUB
pair will go long amid the worries that Joe Biden’s presidency will be disastrous for the Russian economy. During the 2016 US Presidential Elections, Russia was accused of meddling which eventually led to the election of Donald Trump. Over the next four (4) years since the 2016 election, the US pulled out from major accords including the Paris Agreement and the TPP (Trans-Pacific Partnership). However, president-elect Biden
promised to rejoin the Paris Accord on his first day in the office. This gesture is expected to reconnect the US with its allies in Europe. As for the current situation in Russia’s economy, the outlook was still bleak. Industrial Production report for the month of October declined by -6.1%, steeper than the -5.0% slump recorded in the prior month.