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>$50/bbl Oil Continues to be Key RUB catalyst; Big Week Ahead for OPEC+

RUSSIA
  • USD/RUB opens higher in line with broad risk-off sentiment after failing to breach 73.00 for a second time.
  • RUB core longs have been supported by >$50/bbl oil and a strong session for natgas and wheat futures in yesterday's session.
  • Oil market focus: next week's OPEC report (Mon) and JMMC meeting (Thur) to provide clues on the 4 Jan supply adjustment meeting.
  • Trade balance data is due at 13:00 GMT - expected to show a drop-off in exports at 27.9bn vs 30.5bn
  • YoY GDP for Q3 is expected to print flat on prior estimates at -3.6%.
  • Major support noted at 72.97 (61.8% fib) followed by 72.64 lateral support.
  • Breakout through here opens up a more comprehensive move lower.
  • RUB remains a bright spot in EM ahead of its CBR meeting next week.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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