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RUB Gains as Blinken & Lavrov Prepare for Talks Amid Cooler Relations

RUSSIA
  • USD/RUB opens lower to test the 73.50 level after Blinken and Lavrov confirmed an official day (today) for their in-person meeting on the sidelines of the Arctic Council meeting.
  • Markets will be watching this meeting closely for details of the June Putin-Biden Summit and tone regarding US-Russia relations, which have cooled substantially in recent weeks.
  • Oil markets Plunged back below $70/bbl on signs of Iranian shipments returning to markets, despite a smaller-than-expected API inventories build at +620k bbls vs +1.6m exp.
  • USD/RUB needs to see a consolidated close below 73.50 to unlock the next downleg, with a close eye on the FOMC minutes this evening amid sustained selling pressure on the USD.
  • Intraday Sup1: 73.5195, Sup2: 73.1718, Res1: 73.7436, Res2: 73,9706
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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