Brent steady as OPEC supply curbs come into focus

• {ru} Local & USD rates broadly Unch after yields tracked marginally lower across the breadth of the curve. Push lower centered in 5Y USD & local tenors with the local moving towards the 5.10 mark after holding the move through 5.15.
• USD/RUB trading marginally higher at the open after a yesterday's vaccine-related risk-on rally across EM was supported by rumours of a three month OPEC+ supply cut extension bolstered oil prices (~4%).
• Focus will be on the OPEC+ meeting today for further supply-side drivers to oil futures, while industrial production numbers print at 4pm GMT (-5.6% exp vs -5.0% prior). USD/RUB remains within the descending channel pattern, holding above key support at 76.00.
• A move below this level opens up the underside of the channel at around 75.5 before moving closer to the fair value range at 70-75. Failure to break 76 support (4th retest) may see the pair continue to track sideways. Major sell side organisations still remain OW RUB.

Local news

• Analysts note Pro-EU Moldova election winner Sandu's victory represents a major hit to the Kremlin at a time when many Kremlin-aligned govts are suffering from political unrest and security crises - despite comments from Sandu vowing to maintain balanced West-Russia relations - Moscow Times