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ARGENTINA

Guzman To Speak On Paris Club Negotiations

GBPUSD TECHS

Bearish Risk Still Present

US TSYS

Modest Tail On 2Y Auction

EQUITIES

E-Mini S&P Extends Bounce to 100 Points

CBR

CBR comes out exactly as expected

  • Cautious over CPI spike to 4.6%-4.9%
  • Room left to ease next year (25bp) and likely base at 4.00%
  • 4Q growth taking a bit of a hit due to covid
  • Fiscal policy mostly to blame for CPI dynamics
  • 2h21 inflation to moderate after base effects, RUB passthrough and end of the food supply shock

USD/RUB

  • Still tracking higher, despite reinforced RUB carry.
  • Most likely highlighting concerns over growth- Topside resistance at 73.6950, 73.8229
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com