The ruble gained 1.5 percent against the dollar Thursday, reaching 56.08, the best performance since December 2014. The Russian currency was buoyed by rising oil prices, but experts warn crude could be a false friend for the currency.
The Russian currency is seemingly making a comeback, improving more than 3.6 percent in 2 days to bring the ruble to a 3-month high. The climb is attributed to a slight increase in oil prices as well as the approaching tax season.
The US was forced to change its mind over cooperating with the China-led development bank after its allies refused to join a boycott, which is a sign that dollar hegemony is not lasting, Lew Rockwell, chairman of the Ludwig von Mises Institute told RT.
The US has created a belief that money would leave Russia, but money doesn’t flow out of countries that have extremely low debt and strong export earnings, Paul Craig Roberts, former US Assistant Secretary of the Treasury, told RT.
Tehran is open to the idea of conducting more trade payments in rubles and rials, not US dollars, and would support an official deal, according to Iran’s former Minister of Foreign Affairs Kamal Kharrazi.
Instead of investing money into the real economy and helping those suffering in Southern Europe, the ECB is pouring money into financial markets to be used for further speculation, Ernst Wolff, economic journalist and author, told RT.
‘Blockupy’ protest in Frankfurt is because people are angry at the economic chaos caused by the ECB and other bureaucrats who are set to foist the euro autocracy on them and it doesn’t work, Patrick Young, global financial markets expert, told RT.
US Secretary of State John Kerry may be starting to enjoy the brinkmanship, as he says it’s “unclear” whether the US and Iran would reach a political framework nuclear deal before the end of this month.