Ruble leads among currencies of emerging markets

The ruble is nearing the psychological levels of 60.00 as trading is closed in American floors for the Christmas celebration, so the US dollar lacks momentum to resist the Russian currency. The year of 2016 will end in 5 days, during which the race of currencies of emerging markets will come to an end. The Russian ruble takes the lead. The dollar-ruble pair is trading at 60.61 levels coming close to the psychological mark of 60 rubles a dollar. The pair is likely to hit this level today, but tomorrow the greenback will be able to resist the Russian ruble. On Tuesday, the United States will publish data on its consumer sentiment. On Thursday, the statistics on the US labor market data will see the light of day; this report could provide the greenback with a needed boost. However, Russia is not lagging behind. On the New Year’s eve, consumer price index data for December will be revealed in the United States. The inflation data alongside GDP report scheduled for release on Wednesday will show readiness of the Russian economy for a change in the monetary policy. In the third quarter, Russia’s economy shrank by 0.4 percent after contraction of 0.6 percent in the previous period. The decline was the smallest since early 2015 indicating a slight recovery in the economic situation. The market will keep an eye on upcoming publications as the data can influence the dollar-ruble dynamics. https://www.instaforex.com

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