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EURJPY TECHS

Needle Points South

RATINGS

Greece & Portugal Receive Upgrades

USDJPY TECHS

Support Still Intact

EURGBP TECHS

Consolidating

UK

Timeline of key events (Times BST)

RUSSIA

CBR:

  • Overall, slightly more dovish statement than expected, but focus will shift to Nabiullina's presser for tone and signs of concern over the longevity of price pressures
  • The statement itself seemed more confident about the transitory effects of the supply-induced inflation spike, but noted that disinflationary risks no longer prevail over the 2021 forecast period
  • USD/RUB initially pushed lower, but reversed as more dovish statements regarding accommodative policy emerged
  • Spot now headed towards 74.50 resistance, supported by a slight bid in the USD
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com