Free Trial

RUB Eyes Possible OPEC+ Output Rollover vs Hike

RUSSIA
  • USD/RUB opens lower in line with EM peers and a softer greenback and firmer oil futures.
  • Focus today on the OPEC JMMC after yesterday's meeting came out with no resolution.
  • Brent is firmer today on tentative expectations of a rollover in current output levels, instead of a potential 0.5m-1.5m bbl/day hike that pulled futures lower early in the week.
  • Spot prices hinge on Russia & Saudi's preference to add or reduce output, although Russia has been in favour of hikes recently.
  • USD/RUB continues to drift around the uptrend drawn off the Deb 15 lows, tracking risk sentiment and US real yield-induced volatility.
  • USD/RUB should see fading interest on moves higher towards 74.50 -75.00, but remain volatile as reflation trade risks remain an ever-present tail risk.
  • Intraday sup1: 73.6452, Sup2: 73.4212, Res1: 73.9016, Res2: 74.2086
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.