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Oil Market Uncertainty Dampens RUB Sentiment, Cybersecurity Talks in Focus

RUSSIA
  • USD/RUB opens higher in line with EM peers struggling against a slightly firmer BBDXY this morning.
  • Oil markets providing little help to RUB, trading -0.45% in the red as concerns over OPEC+ august supply continue to dent sentiment.
  • Focus this week will undoubtedly be on the US-Russia cybersecurity talks (16 July) as both sides try to find some common ground on the amid frayed ties.
  • In recent months, Russia has expressed a willingness to cooperate on cybersecurity, which may see the talks produce a constructive platform for further dialogue on bilateral issues.
  • Beyond this, we see trade balance data today, and PPI data towards the end of the week – both expected to see improvements.
  • Covid cases continue to rise in the 25K+ zone, however, Russia seems no closer to implementing new lockdown measures.
  • Intraday Sup1: 74.072, Sup2: 73.6455, Res1: 74.637, Res2: 74.8061
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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