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USDJPY TECHS

Support Remains Exposed

US TSY FUTURES

Poised to Extend Midday Lows

EURGBP TECHS

Recovery Holds For Now

EURGBP TECHS

Recovery Holds For Now

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  • The CBR rate decision take focus going forward, with markets watching for a 25-50bps rate rise at today's meeting. Full preview including sell-side side analyst views found here: https://marketnews.com/mni-cbr-preview-october-202...
  • The Russian rate decision is due at 1330 local time (1130BST / 0630ET) with a press conference from governor Nabiullina following 90 minutes later.
  • Russian President Putin spoke out in favour of the veto system at the UN Security Council late yesterday, saying its removal would mean the end of the body itself. He also spoke out against Western liberalism and in favour of "moderate conservatism". He added that US relations were "on the whole, on the right track" in the appearance at the Valdai Club in Sochi, Russia.
  • In the speech, Putin also commented that the NordStream Pipeline will be ready by year-end, and Russia are ready to begin pumping gas as soon as the pipeline is approved.
  • The Russian finance minister makes another appearance Friday, participating in a plenary session at a customs conference at 1100 local time (0900BST/0400ET).
  • USDRUB remains bearish although traded slightly higher into yesterday's close. Support at 71.5542, Jun 11 low has been breached and this confirms a resumption of the broader downleg that has been in place since early November 2020. 71.0838, 76.4% retracement of the Jun - Nov 2020 rally has also been cleared. The focus is on 70.5395, Jul 21, 2020 low. Initial firm resistance is at 72.1306, Oct 13 high.