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RUSSIA
  • USD/RUB trades -0.07% lower this morning, drifting lower in line with softening buying pressure on the BBDXY.
  • The cross remained under bullish pressure yesterday as NATO troops were placed on high alert and Putin held talks with Cuba – presumably about potential troop deployment and military cooperation.
  • RUB weakness was curbed by the CBR’s decision to halt its RUB 36.7bn currency purchases just shy of the 79.50 mark.
  • Nevertheless, the trajectory of talks depends on the West’s written response to Russia’s security proposals, which look set to be disappointing for Russia – unless the West decides to give away cheap concessions on military drills and short/long range missile deployment.
  • However, at this juncture the crisis continues to escalate with the West increasingly backing Putin into a corner by continuing to arm Ukraine.
  • Next major level to the topside is the 80 handle if price action moves through yesterday’s highs.
  • Headline risks continue to drive volatility in the cross and RUB remains a magnet for general risk-off conditions, despite firmer oil markets.
  • Intraday Sup1: 78.3048, Sup2: 77.4994, Res1: 79.4904, Res2: 79.987, Res3: 80.1757
  • Russia 5Y CDS


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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