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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.
RUSSIA
- USD/RUB continues to plough lower at the open as the oil-fuelled rally presses on towards the $85/bbl mark.
- The cross fell -0.89% in yesterday's session, closing below 71.40 with the cross currently -0.86% lower for the week, marginally behind ZAR.
- Comments from Putin on increased gas supply have failed to temper gains in Natgas, which stands around the 102 handle – continuing to provide support to a rampant RUB.
- With limited data on the agenda for today, the focus shifts to US PPI data and expectations for next week's CBR with the Bloomberg consensus now having shifted to +50bp from 25bp in line with a continuation in the trend of higher weekly CPI prints.
- 3x5 FRA-Mosprime spreads have narrowed slightly from +75bp to +68, reflecting the possibility of +50bp and the option of another +25bp for a terminal rate of 7.50%.
- Momentum in USD/RUB remains firmly to the downside at this juncture heading into the more hawkish CBR, supported by high oil/gas prices – making for an attractive cocktail of factors supporting the RUB bull case.
- Intraday Sup1: 71.1876, Sup2: 71.0838, Res1: 71.557, Res2: 71.6864
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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