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[QUOTE="forum forex, post: 208680, member: 78402"] [HEADING=1]May-24, 2022, Daily Currency trading technical and fundamental analysis, by forex forum.[/HEADING] The Russian rouble strengthened to levels not seen since March 2018 against the dollar on Tuesday, boosted by export-focused companies selling foreign currency to pay taxes and shrugging off a slight easing of capital controls. The rouble has firmed about 30% against the dollar this year despite a full-scale economic crisis in Russia, making it the world's . The rouble is steered by capital controls imposed in late February to shield Russia's financial sector after Moscow's decision to send tens of thousands of troops into Ukraine prompted unprecedented Western sanctions. At 1110 GMT, the rouble was 2.5% stronger against the dollar at 56.36, hovering around this level for the first time in more than four years. Against the euro, the rouble gained 3% to 58.24, its strongest in seven years. [HEADING=2]EUR/GBP[/HEADING] On the other hand, EUR/GBP: Retail trader data shows 49.92% of traders are net-long with the ratio of traders short to long at 1.00 to 1. In fact, traders have remained net-short since May 16 when EUR/GBP traded near 0.85, price has moved 1.33% higher since then. The number of traders net-long is 12.30% lower than yesterday and 8.89% lower from last week, while the number of traders net-short is 17.92% higher than yesterday and 31.60% higher from last week. Moreover, The Pound (GBP) is tumbling against its rivals today after poor UK PMI figures this morning added to fears of a 2022 recession in the UK. The reading of the UK’s services PMI fell to 51.8 versus forecasts of 57 as the country’s cost-of-living crisis squeezes household spending. Samiel Tombs, chief UK economist at Pantheon Macroeconomics, said: ‘The collapse in the composite PMI in May is the clearest sign yet that demand is faltering in response to the intense squeeze on households’ real disposable incomes.’ Analysts have also highlighted the likelihood that soaring inflation is likely to prompt even worse figures in the coming months. Concerns that the data could limit further rate hikes from the Bank of England’s (BoE) are also likely weighing on GBP today. Financial markets do still expect the central bank to raise rates to at least 2% by year’s end, however. At time of writing the GBP/USD exchange rate is at around $1.2507, which is down roughly -0.5% from this morning’s opening figures. Thank You [/QUOTE]
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