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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 +0.25% higher this morning, in line with early upside in the BBDXY and broad-based risk aversion in global markets.
- Nevertheless, oil markets continue to plough higher with Brent dialling in on the $84.10 Fibonacci projection ahead of EIA inventories this afternoon, with analysts expecting a -300k bbl draw.
- USD/RUB fell -0.18% in yesterday's session, but failed to hold onto the move below 72.50. With oil markets so strong and RUB still trading 10-13% undervalued (vs oil), the bias will be to fade bouts of RUB weakness – especially going into the next CBR with more hikes anticipated in the face of rising CPI.
- Risks are skewed slightly to the upside in today's CPI print, with markets gradually pricing in more aggressive or a longer series of hikes over a 6m horizon (currently +93.5bp).
- Record high gas prices and the West calling for an investigation into Navalny's poisoning are showing cause for concern in terms of geopolitical frictions – and will need to be monitored as the gas crisis deepens.
- Intraday Sup1: 72.3891, Sup2: 72.273, Res1: 72.6783, Res2: 72.8474
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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