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RUB Bulls Jumpy Ahead of Biden-Putin Summit, Expectations Split on US Approach

RUSSIA
  • USD/RUB trades a fraction higher at the open, having failed to breach 71.50 in Friday's session.
  • Bearish pressure on the cross moderated somewhat after the CBR as markets had broadly priced in the +50bp hike and hawkish guidance from Nabiullina earlier in the week.
  • Focus this week remains on the Biden-Putin Summit on the 16th, with expectations split on whether Biden will take a hardline approach or look to mend fences.
  • Oil markets kick off the week on the front foot, trading above $73/bbl with GS expecting prices to rise to $80/bbl this summer as vaccinations boost global economic activity.
  • Markets will also eye NATO-Ukraine relations as Ukraine continues to press for accession to NATO, which would severely aggravate relations with Russia.
  • While this is unlikely, given NATO's preconditions for accession precluding nations experiencing internal or external conflicts, signs of closer integration could add to Russia-NATO frictions.
  • Intraday Sup1: 72.0413, Sup2: 71.7012, Res1: 72.3409, Res2: 72.5433
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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