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DPRK Test-Fires Another Alleged Ballistic Missile

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  • Since the end of October, EUR/RUB has been consolidating higher after making a new YTD low just shy of 80.00.
  • Geopolitical risks, oil weakness and broad risk-off have driven the cross +5.14% higher, with spot now hovering around the 100dma & 38.2% fibonacci retracement level.
  • Markets have also trimmed rate hike expectations in Russia following the discovery of Omicron, but Nabiullina has stressed the CBR remains concerned about expectations and the sustained rise in inflation - as reflected in weekly CPI readings.
  • Key support is defined at 83.6305, 81.8068 & 80.4211, while resistance stands at 85.66 & 86.70 (50% fib)