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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 Gains as API Inventories Mark Sizeable Draw, Focus Shifts to FOMC
- USD/RUB gas -0.35% lower at the open, moving back below 73.00 on the back of selling pressure on the BBDXY and +1.60% firmer oil markets following a strong API inventories draw (-6.1m bbls vs. -2.4m exp).
- USD/RUB fell -0.47% in yesterday's session as risk recovered somewhat and post-Duma election jitters subsided.
- Focus today will undoubtedly be on the FOMC meeting where markets will gauge the Fed's taper timeline and updated dot plot distribution to assess the timing of lift-off and frequency of hikes across the forecast period.
- RUB has proven to be more resilient than peers ZAR & TRY when faced with rising UST yields – given improving fundamentals, more bullish RUB positioning and its relatively better external/fiscal position vs its peers.
- Gazprom's recent move to curb exports to Europe could draw geopolitical condemnation/consequences – but could also expedite the commissioning of NS2 and will be monitored in the near-term.
- Nabiullina is also set to speak today on monetary policy, while industrial production and weekly CPI data are due this afternoon.
- Intraday Sup1: 72.6637, Sup2: 72.5052, Res1: 73.2181, Res2: 73.5125
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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.