Fears over trade conflicts cause U.S Federal Reserve to lower USD, which strengthens Ruble

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WASHINGTON DC – Statements by the head of the US Federal Reserve System (FRS), Jerome Powell , expressed concern over the uncertainty surrounding trade conflicts and lowered the dollar rate, RIA Novosti reports.

As noted, the euro against the dollar rose to 1.1253 dollars per euro. At the same time, the dollar index (the dollar exchange rate to the basket of currencies of six major US trading partners) decreased by 0.34%.

“The dollar was negatively affected by the performance of Powell, whose rhetoric turned out to be softer than the markets had expected, which contributed to a decline in the US currency on the international currency market,” said TASS chief analyst at Promsvyazbank, Bogdan Zvarich .

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He added that the rise in oil prices and the start of exporters preparation for the tax period had a beneficial effect on the ruble exchange rate.

RBC citing data from the Moscow Exchange notes that the ruble rose against the dollar and the euro. The exchange rate of the American currency decreased to 63.13 rubles, while the closing price on the eve was 63.90 rubles.

Earlier, the head of the US Federal Reserve noted that there is a risk that weak inflation will turn out to be more stable than expected.

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