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- 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