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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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Free AccessRUB Firms as Brent Brushes Off API Inventory Build, Markets Price in Tighter CBR Policy
- USD/RUB trades -0.21% lower this morning, tracking early weakness in the BBDXY and gains in both oil and natural gas markets.
- The cross rose +0.19% in the lead-up to the FOMC minutes, with Putin making some key remarks on energy market stability and openness to talks with NATO and the EU on military and energy sector cooperation.
- On the oil front, Brent shrugged off a larger than expected API inventories build at 5.2m bbls vs 700k exp to focus on expectations for higher demand on substitution effects from sky high natgas prices – which failed to moderate, despite promises of more supply from Putin.
- Another sustained rise in weekly CPI has also bolstered expectations for a potentially larger +50bp hike at the next CBR meeting, despite Nabiullina's claims of "more standard size steps" at the prior meeting with markets pricing in +75bp of hikes in over a 3-6m horizon.
- On the international front, the focus shifts to US PPI from the FOMC minutes which (as expected) pointed to a November taper but fell short of clarifying a rates lift-off date which markets have priced in around September 2022.
- Intraday Sup1: 71.6864, Sup2: 71.557, Res1: 72.0654, Res2: 72.2705
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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.