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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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