Ruble Worth More Than Most Think, While EUR/USD Is Breaking Support
Tim Knight | Apr 25, 2022 10:25AM ET
Much was made of the collapse of the Russian ruble when the west responded to the Ukrainian invasion. Our own president made the point repeatedly about how worthless the ruble had become. Well, not so fast. Below is the USD/RUB chart, illustrating the dollar’s value relative to the ruble. Yes, for about a week, the ruble got absolutely demolished. But since then, it’s the U.S. dollar that looks like garbage.
Indeed, for all the hoo-ha made about smashing the ruble into worthlessness, the exchange rate isn’t much different than – eight years ago!
I daresay if you surveyed 100 random members of the public, almost all of them would guess the ruble was worth almost nothing, when, in fact, over the long haul, it’s hardly budged (crazy swings in the interim notwithstanding).
Oh, and on a different FOREX note, check out how the EUR/USD is breaking support!
One last bonus chart: the dollar versus the Chinese Yuan. USD/CNY.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.