The US dollar continues to rise against other major currencies. Analysts believe that the main factor of strengthening of the American currency is market participants' concerns about the debt payments to Greece.
Another factor contributing to the strengthening of the dollar is the rate increase expectations by the Fed this year. The overall statistics from the US as a whole shows that the US economy is in a stable condition, more stable than the euro zone economy. However, according to the experts, "sooner or later, an agreement will be reached with Greece, and the default or exit from the euro zone will not occur, and the dollar could weaken again."
On Thursday the EUR/USD was traded near $ 1.0895, down 0.08%.
"News about the Greek debt will continue to influence the markets, the experts believe. Investors are tired of this story, but it is important. Yesterday's statement by Greece that it is close to an agreement, were quickly denied by its partners in the eurozone. "
In terms of weekly dynamics of the dollar is far ahead of almost all world currencies. Most of all towards it weakened the Russian ruble (-4%).
The Russians experts believe that: "The coming days will be nervous for the market. A strong dollar puts pressure on oil prices, which also negatively affects the ruble. In addition, there are local factors such as the completion of the tax period, and with it the demand for rubles from exporters. But in general, there is no accident: while the ruble has weakened really hard the last two days, this was expected. "
The dollar settlements for Friday, on the Moscow Stock Exchange, were traded near the mark of 52.40 rubles (+0.85), while the euro against the ruble stood at 57.23 rubles (+1.18).
"Today, we expect further growth; the level of 53 rubles per dollar is likely to be breached" - economists say.
The Central Bank of Russia continues to buy at the market every day $ 200 million to replenish international reserves. However, today it was reported that for the week of 15 to 22 May, international reserves declined by $ 1.8 billion.
"The fact is that international reserves are not contained in a single currency, - says Vladimir Tikhomirov, the chief economist at financial group BCS. - Currency fluctuations have a major impact on the reserves, so perhaps the weakening of the euro influenced the reduction of reserves. While from the reserve fund not there are not spent the money for the budget, a sharp reduction in the reserves should not be afraid."