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RUB Gains +0.79% W/W as Oil Retakes the $75/bbl Level

RUSSIA
  • USD/RUB gaps higher at the open in line with early weakness in oil markets and a slightly firmer BBDXY – erasing a portion of yesterday's post-FOMC move lower.
  • The cross paused around 73.00 in yesterday's session and stands roughly -0.79% below Monday's open.
  • Oil looks set for a solid weekly gain as demand continued to outstrip supplies as inventory data retuned to drawdowns this week.
  • Yesterday's session posted a large bullish engulfing candle through the $75/bbl level – adding weight to a possible return to prior highs at $78/bbl.
  • With limited data on the agenda today, the cross is likely to be driven by global factors and USD-side price action and markets settle following Wednesday's FOMC.
  • Intraday Sup1: 73.0986, Sup2: 72.862, Res1: 73.5342, Res2: 73.7358
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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