On the Moscow exchange, the US dollar jumped to 72 rubles whereas the euro skyrocketed to 82 rubles. (The dollar/ruble daily chart is above.)
The Russian stock market also showed a slump. The RTS Index dropped by 13% and the MOEX Russian index lost 8%.
Shares of Rosneft Oil Company and Lukoil Oil Company declined by 15%. The Sberbank shares decreased by 13% whereas shares of Gazprom lost 10%. The VTB shares slid by 8%.
There are three reasons for such a slump: the Saudi Arabia – Russia oil war that has led to lower oil prices, the US stock market drop by 7%, and the coronavirus outbreak.
This is CL daily chart.
Traders should wait until markets calm down.
As far as the coronavirus is concerned, traders should monitor its spread. According to the latest news, Italy has expanded its quarantine to the entire country.
EUR/USD: a day of correction.
The pair is likely to resume the upward movement today or during the next two days.
Buy positions can be opened from the 1.1200 level.
