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Recap of last week's events

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RUSSIA
  • USD/RUB pulls back to close an early breakout gap lower towards 74.00 as the push lower resumes on a weaker greenback and firmer oil prices.
  • RUB is broadly ignoring geopolitical risks from EU & US anti-Russian sentiment to focus on oil market upside and less noise from Navalny.
  • Brent is currently trading at 13-month highs, buoyed by demand-side optimism ahead of API inventories today and reduced supply by Saudi for Feb & March.
  • Both brent & WTI are trading in overbought territory, however, and may temper gains in the coming sessions if traders get jumpy and shift to profit-taking.
  • Sell-side has become bullish RUB again, with a number of firms launching core long RUB positions targeting 4-6% gains towards 73-70 vs the $, provided risk sentiment remains favourable.
  • Sup1: 73.9109, Sup2: 73.6452, Res1: 74.3420, Res2: 74.54
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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