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RUB Gains +0.91% Vs the USD, While Peers ZAR & TRY Slide

RUSSIA
  • USD/RUB trades flat around the open with softer oil markets neutralising early selling pressure on the BBDXY somewhat.
  • The cross ended yesterday's session +0.36% higher to cap off a solid week for RUB bulls with USD/RUB -0.91% lower on week – accentuating its relative strength vs Try & ZAR.
  • Brent trades -0.33% lower this morning as the oil complex looks to rack up almost 4% in gains this week with the contract trading firmly above $75.
  • State Duma elections kick off today, but are unlikely to cause any major price action upsets.
  • With limited data on the agenda, the cross will likely trade in line with global risk sentiment and oil-side developments into the weekend – with PPI, CPI & the Fed all on the agenda for next week.
  • Price action remains heavy in the cross with June lows coming into focus. Intraday Sup1: 72.3409, Sup2: 72.1644
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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