EUR/RUB will continue to move higher in the following days

11 jun 2020

The pair will continue to move higher in the following days after a strong bounce back from a key support line. Brussels is considering opening the European Union’s external borders on July 01. The move is expected to propel the economy of the largest trading bloc after the slow down brought by the “Great Lockdown”. Aside from this, the EU Commission already allotted $826.0 billion for its economic aid. Meanwhile, in Russia, the coronavirus economic impact is yet to be felt. Russia’s Q1 GDP growth slowed down to 1.6%. However, a grimmer Q2 result is expected by analysts at -9.5%. Furthermore, the third and fourth quarter figures are also expected to be in negative territory at 6.3% and 5.2%, respectively. Russia will also suffer from the increased oil production cut in the coming months. The OPEC+ punished Moscow’s failure to live up to its promise to decrease oil production back in February, which resulted in oil prices trading below zero.