Ruble tanks on report Flynn to link Trump directly to Russia probe

Gen. Michael Flynn, former national security adviser to US President Donald Trump, leaves Federal Court December 1, 2017 in Washington, DC.

Brendan Smialowski | AFP | Getty Images

Gen. Michael Flynn, former national security adviser to US President Donald Trump, leaves Federal Court December 1, 2017 in Washington, DC.

The Russian ruble dropped suddenly against the U.S. dollar on an ABC News report in which Michael Flynn will testify in which he was directed by Donald Trump to make contact with officials of the country.

The dollar gained more than 1.1 percent against the ruble Friday.

Flynn also pleaded guilty to knowingly producing materially false, fictitious in addition to fraudulent statements to FBI agents, a felony.

Russian Ruble Futures

Source: FactSet

Immediately following the news, the dollar index slipped nearly 0.4 percent to 92.69, turning negative on the day in addition to erasing modest gains for the week.

yet the item gained versus the ruble.

The ruble was last at 59.02 rubles per dollar, when just before the news the item was quoted at 58.49 rubles per dollar.

Given the nature of the independent investigation spearheaded by former FBI Director Robert Mueller, the guilty plea in addition to cooperation via Flynn will likely complicate relations between the two countries.

“I’d say broadly speaking the dollar’s suffered on This specific news,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

Even though the foreign exchange trader said This specific was a sizable move against the ruble he cautioned against drawing broad conclusions about asset pricing based on the move.

The dollar had been on track to outperform the major global currencies (except the pound) for the week, yet after the Flynn news, the item’s more of a “mixed bag,” he concluded.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

9 − 2 =