USD/RUB: Russian ruble nears a golden cross pattern
The Russian ruble is doing well. The USD/RUB exchange rate plunged to a low of 85.5470, its lowest swing since June 2023. It has plunged by almost 10% from the highest point level this year. BoR and Federal Reserve actionsThe USD/RUB has crashed hard after last week’s Federal Reserve and Bank of Russia’s interest rate decisions. In its decision, the Fed decided to leave interest rates unchanged between 5.25% and 5.50%. It also signaled that it will hold rates higher for longer-than-expected since inflation has remained above the Fed’s target of 2.0%. I believe that the first rate cut will eith...