Milchakova noted that at present the appetite for risk is decreasing, that is, the desire to invest in risky assets, and, as the specialist added, investors are looking for a “safe haven”.
“But, most importantly, the dollar is no longer a safe haven. Some investors sell currency and transfer it to monetary gold. Such uncertainty in the market against the backdrop of a pandemic and fears of a slowdown in the global economy lead to the fact that the currencies of developing countries are fleeing to the dollar and the euro, and from the dollar, in turn, to gold, ”she added.
According to Milchakova, if we talk specifically about the euro, in the European Union, the leaders of the countries still agreed to create a general fund to support the countries most affected by the coronavirus, while in the United States, on the contrary, the approval of a new package of state support for the economy is stalled.
“Therefore, now, when comparing between the dollar and the euro, the euro is much more attractive, and therefore the euro is growing at such a rate,” the analyst concluded.
Earlier it was reported that, according to the Moscow Exchange, the dollar rate exceeded 74 rubles for the first time since May 14, while the euro rate rose to 87.59 rubles.