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- USD/RUB trades -0.13% lower this morning, dragged lower by early selling pressure on the BBDXY and sustained upside in oil markets.
- The cross ended yesterday's session +0.38% higher as concerns about Putin's exposure to Covid-19 and USD volatility post-CPI drove volatile intraday price action to a new 2-month low before paring the move entirely.
- Brent continues to push towards $75/bbl following a larger than expected API inventory draw (-5.4m vs -3.5m exp), which is being compounded by curbed output as a result of tropical storm Nicholas curbs in the Gulf.
- This continues to support RUB, and global petrocurrencies in the near-term.
- On the elections front, local newswires have shown little concern of major protest this year, despite the clampdown on opposition in recent weeks with United Russia still expected to maintain its supermajority in the Duma.
- Threats of action from the West against unfair have also been tepid thus far.
- On the data front, Weekly CPI will be monitored for hopeful signs of moderation following the extension of the CBR's hiking cycle.
- Intraday Sup1: 72.6637, Sup2: 72.5052, Res1: 73.0263, Res2: 73.2181