An uneven growth of the Russian economy

The pair is expected to break out from its January 2016 resistance line, which will send the pair higher towards the 100.000 price level. The Russian economy showed uneven growth in its recent reports. Retail sales decline by 3.0% in September with service production plummeting by 12.0%. The number of new car sales, on the other hand, went in the opposite direction and grew by 3.0%. Housing construction increased by 6.0% YoY but the unemployment rate ballooned to 6.3% of the country’s workforce. The household income also went down by 5.0% in Q3. This suggests that although manufacturing and construction began to slowly recover, consumer’s confidence was still low. On the other hand, the mixed results from the European Union should not be misinterpreted as a decline in growth but rather as a slow recovery. Germany, France, Italy, and Spain all posted better-than-expected results for their gross domestic product reports for Q3.