EURRUB is an exotic currency pair in which the base currency is the Euro, and the quote currency is the Russian ruble.
The Euro is the official currency of most member states of the European Union and the second most traded currency in the world after the US dollar. Since the Euro, or the single European currency, reflects the state of the economy of all countries in the Eurozone, its exchange rate is affected by the financial and political situation in each of the member states. Sudden changes in the performance of one or more EU member states can significantly affect the Euro. Almost one-third of the total number of Forex trading transactions is carried out with Euro participation. In addition, the European currency today serves as a reserve currency in large national banks.
The Russian ruble is the national currency of the Russian Federation. The Russian ruble is less popular among Forex traders. It belongs to low-yielding commodity currencies. The population of the Russian Federation is about 1.9% of the world population. The country is included in a group of states with a high human development index. Russia is a member of the WTO and the EAEU. Since the Russian economy is mainly focused on exporting raw materials and energy resources, the ruble's exchange rate largely depends on the prices of commodities and energy carriers.
Many fundamental factors contribute to the significant dynamics of the euro exchange rate against the Russian ruble: the change in the interest rate by the Russian Central Bank, economic sanctions, oil price on the world raw materials market, Eurozone's macroeconomic indicators. Conducting a thorough analysis of the economic situation in the Eurozone and Russia will allow traders to enter the EUR/RUB trades and make high profits. There is an opinion that trading EUR/RUB is the most profitable in the medium or long term. Such strategies allow traders to minimize trading costs for an increased spread.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
