Interest rate cuts to Post-Soviet record low rates

Discussions about possible interest rate cuts to Post-Soviet record low rates have surfaced, this places the disadvantage towards the Russian ruble in the foreign exchange market. The euro to Russian ruble trading pair is now widely projected to climb to its resistance level despite the support that bears should have gotten from the commodity market. Looking at the charts, it’s evident that the pair is highly bullish considering that the 50-day moving average is significantly higher than the 200-day moving average. The weak economic prospects from the IMF for the outcome of the Russian economy are raising speculations on whether the central bank will step in to offset the alarming economic slump. Bullish investors of the pair are closely waiting for the Bank of Russia’s interest rate decision that is due later this week around Friday. This will be monumental as the bank has previously raised its short-term rates to counter inflation.