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RUB Assets Feel the Pinch as Geopolitics, EU Lockdowns Weigh

RUSSIA
  • USD/RUB stands +1.26% higher this morning as sabre-rattling continued over Ukraine as Western continued to speculate on an potential invasion of Ukraine* Additionally, comments from Merkel regarding tighter covid-19 curbs has further rattled global risk sentiment – contributing to upside pressures in USD/RUB.
  • Local OFZ bonds also feeling the pinch today with 7-10Y yields up +12-16bp on concerns over potential debt sanctions.
  • Next topside levels to watch in USD/RUB are at 74.5861, 74.8061 dating back to July 2020 levels, with price action having made a consolidated through the 200dma with today's move.
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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