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Geopolitical Risks Filter Through into RUB - Navalny Detention & NS2 Sanctions

RUSSIA
  • USD/RUB opens higher on broad risk aversion and international condemnation over Navanly's detention.
  • Geopolitical risks starting to re-emerge for Russia as Biden comes into office, with Advisors threatening sanctions on NS2.
  • Brent has pulled back from prior highs, extending Friday's losses to trade below $55.
  • Having taken out 73.90-74 resistance, we may see the cross drift back towards 74.5208.
  • USD/RUB continues to trade in a broad range between 73-75, but sell-side remains bullish RUB and happy to re-allocate to USD/RUB shorts on moves towards 75.00.
  • Intraday res1: 74.1755, res2: 74.5208, Sup1: 73.9041, Res2: 73.4459
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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