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RUB Bulls Undeterred By Black Sea Incident,  Eye Scathing EU Summit

RUSSIA
  • USD/RUB opens firmly lower this morning, gapping below 72.50 on the back of early BBDXY weakness and sustained upside in oil markets.
  • Brent bulls continue to push futures higher as EIA inventories register a fifth consecutive draw – reflecting the improving demand outlook from vaccination prospects and tighter supply-side environment from delayed Iran talks.
  • Traders will now eye $76.02 resistance to the topside as the next goal. Tensions with the UK in the Black Sea yesterday will likely be a poor precursor to what is expected to be a scathing EU Summit in Brussels today as Borrell discusses the five principles for dealing with Russian aggression.
  • Interestingly, the UK downplayed the live fire component of the incident, but video evidence shows shots were fired, albeit well out of range of the UK vessel.
  • RUB weakened slightly after the incident but reversed the move soon after.
  • Discussion of the matter at today's EU summit and in bilateral communications between the UK and Russia will be key to monitor for signs of escalation.
  • At this juncture, RUB bulls seem undeterred by the event.
  • Intraday Sup1: 72.3409, Sup2: 72.0413, Res1: 72.6637, Res2: 73.0263
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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