MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: ITALY NOV FLASH HICP +0% M/M, +1.6% Y/Y

MNI: EUROZONE NOV FLASH HICP +2.3% Y/Y

MNI: UK OCT M4 MONEY SUPPLY -0.1% M/M, +3% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Powell Testimony & Sanctions Threats a Bad Cocktail for RUB, Offsetting OPEC Gains

RUSSIA
  • USD/RUB opens lower on gains in the oil market after peaking at around 75.00 towards the back end of yesterday's session.
  • Testimony from Powell over the condition of the US bond market and signs that the US and US may target OFZs with new sanctions measures were the core drivers of the move higher, offsetting OPEC-related RUB strength.
  • Brent moved to a 13-month high on the back of an OPEC+ output rollover, negating concerns of a 0.5-1.5m output hike expected early in the week.
  • Similar to other high-yielders RUB remains on the backfoot for now, but is weathering the US real yield storm better than most, being relatively more undervalued at current levels than ZAR, for example.
  • $ strength remains the prevailing trend that should weigh on commodity markets and EM FX in the near-term, pending a normalization/moderation in UST volatility. UK/US discussions regarding OFZ-targeting measures are a definite concern, but whether they will go through with them is another matter that will require more evidence.
  • 75.00 has been a sticky level recently, and should take some effort to break to the topside.
  • However, a move through 75.0980 may trigger a push higher towards 75.50 and above.
  • USD/RUB 1w implied vols diverging slightly from TRY & ZAR, marginally higher on a 5-day basis.
  • Intraday sup1: 74.2086, Sup2: 73.9016, Res1: 74.7390, Res2: 74.9221, Res3: 75.0980
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

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.