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Corrective Pullback Extends

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Gains Considered Corrective

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(M2) Broader Trend Condition Remains Bearish

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(M2) Corrective Recovery

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RUSSIA
  • USD/RUB trades -0.43% lower this morning, bucking early strength in the BBDXY on slightly more positive risk sentiment and gains in oil markets.
  • Brent is hovering above $90/bbl as it approaches a sixth straight week of gains.
  • Geopolitical tensions moderated yesterday as pathways for de-escalation emerged, but uncertainty remains as to whether Russia will take Western offers of negotiation on missile inspections and military drill parameters as an opportunity to take a step back or not.
  • The fact that Russia has come back to the negotiating table is positive, but still no guarantee of cooperation and the tone at the next round of talks will be important.
  • RUB benefitted from the tentative decline in tensions, gaining 1.89% vs the greenback against the tide of dollar strength yesterday and may remain heavy in today’s session if no new threats emerge.
  • Intraday Sup1: 76.8878, Sup2:76.5370, Res1: 78.3048, Res2: 78.9079
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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