Tatsiana Ketrar
According to Rosstat, Russia’s federal statistical agency, the local industrial production indicated some growth in February 2016 fro the first time since January 2015, Market Leader reports. After January’s 0,9% increase followed a period of continuous decline in Russia’s industrial sector.
To be more specific, we can see growth in the Russian mining industry. Over the reporting period, the index gained 1% relative to February 2015. Month over month, the index gained 3% relative to January 2016. This is a strong gain. However, over the first 2 months of the year collectively, the industrial sector lost 0,7% relative to the same period of 2015. As for the Russian manufacturing industry, it lost 1% in February and 3,2% over the first 2 months of the year.
At the same time, Russia is reported to have boosted its oil production by 7,2% in February alone and by 4% since early January 2016. As for he production of natural gas, it shrank by 2,7% in February and 1,5% over the first two months of the year.
FOREX
In the meantime, Masterforex-V Academy reports the Russian Ruble keeps on rallying against the U.S. Dollar, which means that USDRUB is going down. To be more specific, USDRUB is currently trading close to 68,37 RUB per 1 USD.
The closest major level of support is 64,35. Alternatively, the bulls are going to show real strength only after the price breaks and consolidates above the local high of 80,57.
Tatsiana Ketrar
