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RUB Buoyed By Oil Gains as Tropical Storm Nicholas Approaches the Gulf

RUSSIA
  • USD/RUB opens +0.12% higher this morning, brushing off firmer oil markets and a slightly softer BBDXY in early trading.
  • The cross fell -0.76% in yesterday's session as RUB bulls helped pare post-CBR weakness that arose from a smaller than expected +25bp hike – complimented by strong gains in oil yesterday.
  • Brent continues to rise towards $74/bbl this morning as signs of another storm (Nicholas) headed for Texas risks curbing output yet again with refineries still struggling to boost production post-Hurricane Ida – although Nicholas is not expected to be as strong as Ida.
  • On the domestic front, Navalny has urged voters to utilise the smart voting platform ahead of Duma elections this weekend, but analysts still expect the UR party to retain its supermajority for the next 5 years.
  • Zapad21 military drills also resume today, with no major objections from NATO thus far as it watches closely.
  • Momentum in USD/RUB remains based to the downside with markets becoming more optimistic on RUB & OFZ fundamentals amid the (now prolonged) CBR tightening cycle.
  • Attention remains on 72.55556 bear trigger, that opens up the June lows at 71.55 to the downside. Intraday Sup1: 72.6637, Sup2: 72.5052, Res1: 72.8201, Res2: 73.0236
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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