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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.
RUSSIA
- USD/RUB trades -0.46% lower this morning, brushing off oil/natgas weakness to focus on improved West-Russia geopolitical conditions.
- Macron’s meeting seems to have had the desired effect of softening tensions and bolstering calls for dialogue between Russia and the West just ahead of military drills due to begin tomorrow.
- Comments from the US/NATO show a greater openness to dialogue than seen in recent weeks, but will need to be supported by similar sentiment from Russia.
- Beyond geopolitics, markets will eye retail sales, unemployment and most notably inflation data ahead of Friday’s CBR where markets are expecting 75-100bps in hikes.
- 3x6 FRA-Mosprime spreads have narrowed slightly on further RUB strength, but remain around +108bp going into the meeting – marginally above the +100bp bbg consensus.
- An upside surprise in CPI will likely reinforce the case for a larger step, while the opposite may see markets lean towards +75bp.
- Supportive macro fundamentals have helped RUB appreciate during the thawing of tensions, but risks still remain for the possibility of escalation.
- Intraday Sup1: 74.6288, Sup2: 74.2666. Res1: 75.1480, Res2: 75.5827
3x6 FRA-Mosprime Spreads
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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