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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 opens a fraction higher this morning, owing to early weakness in oil markets and a marginally firmer BBDXY.
- The cross held onto the move below 74.00, supported by a +2.15% rise in Brent, that saw a key technical close above Monday's open at 73.34 – adding weight to the possibility of a near-term recovery in oil prices.
- However, concerns over the delta variant should remain a key source of volatility for oil markets in the coming weeks.
- For today, focus shifts to the CBR where Nabiullina is expected to accelerate the bank's normalisation process by +75-100bp.
- Our base case scenario is +75bp with material risks to +100bp, however we see the recent moderation in weekly CPI numbers and slowdown in high-frequency growth indicators as cause for a more orderly step to +75bp – with the bank retaining optionality for further hikes in September should overshooting pressures fail to moderate.
- 3x6 FRA-Mosprime spreads have moved lower to +82bp today, down from a peak of +140 Mid-July.
- Industrial production fell well below expectations for 11% at 10.4% in June, adding some weight to concerns of a moderation in demand-side drivers for CPI.
- Intraday Sup1: 73.5342, Sup2: 73.0234, Res1: 73.9345, Res2: 74.2486
3x6 FRA-Mosprime Spreads Narrow
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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