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Oil Markets Claw Back Gains After OPEC+, CPI Data In Focus Today

RUSSIA
  • Local rates open firmer on the back of more supportive EM FI risk sentiment with front end yields dipping 2bp.
  • USD yields, however, trade mixed across the curve after yesterday's Easter break.
  • USD/RUB trading flat to higher at the open as an early bid in the greenback overshadows a slight pullback in oil markets.
  • Brent slipped 4% in yesterday's session as OPEC+ agreed to ease output cuts from May-July squashing expectations for another rollover.
  • Oil markets will dial in on US-Iran nuclear deal talks this week for signs of reduced sanctions.
  • Local focus today on CPI data due 1600GMT expected to show signs of moderation m/m with the cyclical peak coming in March. Further upside surprises past 5.8% could spur fears of more aggressive CBR tightening in the coming meeting as Nabiullina moves to decisively anchor price pressures and expectations lower.
  • 76.50 has proven sticky in recent weeks, but may come under pressure if USD strength, Oil market weakness and sanctions uncertainty continue to weigh on RUB.
  • USD/RUB is currently stuck in a broad consolidation range between 76. 6579– 75.7372, awaiting a breakout to confirm a more decisive near-term direction.
  • Intraday Sup1: 76.0210, Sup2: 75.7473, Res1: 76.4367, Res2: 76.6579
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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