Free Trial

Market Snapshot: OFZs Make Tentative Gains, RUB Remains Jumpy

RUSSIA
  • Geopolitical tensions continue to keep Russian assets tentative this week as markets await fresh signals from leaders on the trajectory of talks as both sides ramp up military precautions.
  • OFZs trade firmer across the curve with yields dipping -5-8bp in 5-10Y tenors. Similarly, USD bonds are better bid with yields -6.8-8.6bp lower.
  • USD/RUB had been on a weaker but mostly subdued course in today’s session, until comments emerged from the US embassy in Ukraine calling on all Americans to consider evacuation.
  • These remarks have pushed the cross to a fresh YTD high above 79.50 & +1.23% higher for the day. The next key resistance zone stands at 79.97-80.17.
  • RUB continues to ignore oil gains to focus on political developments. Domestic PPI/Weekly CPI data and the FOMC are the next events to keep an eye out for.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.