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Retail platform FXCM ceases ruble trade Reutors


temperament5
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Retail currency trading platform FXCM halted trading of Russia's battered ruble on Tuesday, saying it expects major traders of currency to stop pricing the ruble this week in anticipation of the introduction of capital controls.

 

The Ruble fell by up to 25% on Tuesday despite Moscow's raising of official interest rates to 17% from 11.5% overnight, prompting speculation there would be moves to halt a further exodus of capital.

 

The currency had recovered some ground late on in London trading to stand at around 72 rubles per dollar.

 

FXCM said it made the move to "protect ourselves and our clients.  We just don't know what will happen."


This is going to  have an impact globally.  The sanctions and lower oil prices have impacted Russia's currency.  U.S. is on the verge of imposing new sanctions.  I don't believe Russia will sit still if they impose new sanctions.

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"The decision of the US Senate is extremely dangerous.  If it is supported by the House of Representatives and signed by their President, Russia must reply with adequate measures." Mikhail Yemelyanov of the Fair Russia Party told reporters on Friday.

 

They have warned us that they would do pre-emptive strike on Ukraine since U.S. is considering the additional sanctions and including military aid.  Both China and Russia also have the power to take down our Financial House of Cards.  It is going to get interesting to say the least and the outcome will not be beneficial to anyone.

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