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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.
RUSSIA
- USD/RUB trades -0.31% lower this morning, tracking early selling pressure on the BBDXY following last nights FOMC meeting.
- The cross ended yesterday's session little changed at -0.07% after price action found support at 72.60 amid volatile trading around the Fed statement & Presser.
- Fed Guidance on the taper hinted at a move to start "soon" likely intimating November, with a slightly more hawkish 2022 dot plot distribution hinting at a slightly earlier than expected first hike in 2022 instead of 2023.
- The mostly hawkish reaction to Powell's presser is slowly being pared this morning, however, but should continue to precipitate volatility in today's session on the USD side as markets digest the outcome.
- Oil markets racked up more gains to form a bullish engulfing candle on the daily chart follow yet another sizeable inventory draw – reinforcing near-term bullish conditions. Next focal point is the Fib extension at $76.74.
- On the foreign relations front, moves from the US House committee to sanction top Russian officials and businessmen are noteworthy, but need to progress further before becoming a major risk to a material rebuild in the geopolitical risk premium.
- Comments from Zelensky following the assassination attempt on his Senior aide is also worth monitoring as it could embolden him in his recent anti-Russian rhetoric.
- Intraday Sup1: 72.6637, Sup2: 72.5052, Res1: 73.0047, Res2: 73.2181
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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