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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

  • USD/RUB opens lower on the back of firmer global risk sentiment and a softer USD, consolidating a break below 73.40 support.
  • RUB has seemingly brushed off international sanctions pressure on Belarus, to focus on playing catch-up to a third straight day of stronger oil markets.
  • Iran talks resume this week, but the lifting of sanctions is not 100% clear at this point, curbing expectations for an uptick in supply.
  • Although Russia showed support for Belarus, analysts note that Lukashenko may become a thorn in Russia's side amid a thawing of geopolitical tensions with the US.
  • Sell-side notes the first portion of RUB dividends are due to come late May-early June, which may weigh on RUB into month-end.
  • The move below 73.40, supported by USD weakness, opens up 73.00 support.
  • Intraday Sup1: 73.1718, Sup2: 72.9634, Res1: 73.4212, Res2: 73.5483
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |