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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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RUB Bulls Cautious as JBS Details Emerge, Russia-US Summit Risks Remain
- USD/RUB pares an early move higher, peaking at 73.7435 before returning to 73.50.
- Early USD strength seen keeping EMFX on the back foot.
- Oil markets managed to hold onto gains above $70/bbl after OPEC+ retained its plans to cautiously return oil supply in June & July, while expecting fuel demand to rebound strongly during the US summer.
- OPEC+ will return 700k bpd & 840k bpd in June & July respectively.
- Optimism on the oil forecast should buoy RUB in the coming period as brent gains upside traction.
- News of the JBS Cyber attack may keep RUB bulls slightly cautious as the narrative develops, with US-Russia ties still fragile in the lead up to the June 16 meeting.
- Both sides remain at odds over the agenda, but seem to have an underlying desire to cooperate.
- At home, however, Biden is coming under pressure for seeing tough on China and soft on Russia – similar to his predecessor, which may push him to try to be firmer at the upcoming meeting to dispel such comparisons.
- Intraday Sup1: 73.4212, Sup2: 73.1718, Res1: 73.7436, Res2: 73.9706
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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.