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About the EUR/RUB (EURO & Russian Ruble)
The EUR/RUB pair is the abbreviated term used for the Euro & Russian Ruble. This pair does not have a nickname. Before we get into the particulars, what exactly does EUR/RUB rate mean? The exchange rate tells you how many EURO (the quote currency) are required to purchase one Russian Ruble (base currency). For example, if the pair is trading at 72.94, it means it takes 72.94 Russian Ruble to buy 1 “Euro"
Breaking Down ‘EUR/RUB’
The euro (€; EUR) is the official currency of 19 of the 28 member states of the European Union. The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is divided into 100 cents.
Whereas, The Russian ruble is the official currency of Russia And the RUB is the abbreviation for the Russian ruble is made up of 100 kopeks and this currency does not have a symbol and still, no symbol exists officially. The Ruble has been used since the 13th century. and this the second oldest national currency back the British pound sterling.
The pair representing two negative economies in Europe, As we know Euro, which is the second most traded currency in the world, is considered to be very stable and safe. the ruble, which is the first decimal currency is considered to be more volatile due to its dependence and sensitivity to crude oil prices
Correlation is merely a mutual relationship or connection between two or more things.
Positive correlation – The positive relationship merely is when pairs move in tandem with each other.
In the forex world, EUR/USD, EUR/JPY, EUR/GBP pairs are positively correlated
Negative correlation – In contrast, a negative relationship is when forex pairs move in the opposite direction, For example,
Economic Events: The movement in the Euro economic and Russian Rumble events determine the exchange rates. Top of the line economic events includes GDP, Employment Change, Industrial Production, and Consumer Price Index. Better than forecast data increases the demand for related currency and impacts the value of either the Euro and Russian Ruble, causing fluctuations in the EUR/RUB exchange rate.
Major Economic Events
Gross Domestic Product – the gross domestic product is the central measure of economic growth in the region.
Employment Change – The Sterling is also sensitive to changes in employment, as slacks in the labor market causes a drop in Inflation rates.
Consumer Price Index – Since one of the goals of the BOP is to maintain price stability, they keep an eye on inflation indicators such as the CPI. If the annual CPI deviates from the central
Industrial Production – This measures a change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
Political Events - Another critical factor is the political aspect. Instability, as seen in the Brexit referendum, can entirely change the direction of the currencies. So, stay up-to-date on the latest political and economic news.
What Determines the EUR/RUB exchange Rate?
Several factors can impact the EUR/RUB rate valuation, including:
ECB & CBR Monetary Policies: The European Central Bank & Central Bank of Russia control the supply of money in the market, to keep the economy on track. A dovish policy, which is also known as expansionary policy, from either of the central banks, weakens the related currency. In contrast, a hawkish monetary policy (contractionary policy) strengthens the currency
The EUR/RUB is traded in amounts denominated in the US Dollar.
Standard lot Size: 100,000
Mini lot size: 10,000
One pip in decimals 0.0001
Pip Value: $0.15