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RUB Gets a Boost as Brent Retakes $70/bbl Ahead of OPEC+ Meeting
- USD/RUB opens lower on the back of early dollar weakness and a bid in oil markets.
- Brent notched back above $70/bbl this morning, bolstered by an upbeat demand outlook for the US summer driving season and strong factory activity out of China.
- Today's OPEC+ meeting will be eyed closely, as markets expect a slow easing in supply curbs – which ING believes can be easily absorbed by the market.
- Reports that the US & Russia remain far apart on the agenda for the Putin-Biden meeting is a concern, but RUB bulls have seeming brushed this concern aside for today.
- ING also notes that the CBR is likely to boost FX interventions to $2.6bn in June from $1.7bn, given a rise in average monthly urals price $4/bbl.
- Today's lower open, failed to hold below Friday's low & lateral support at 73.1718, but may look to pressure this level and below, should selling pressure on the USD persist this week.
- Intraday Sup1: 73.1718, Sup2: 72.9534, Res1: 73.4212, Res2: 73.5483
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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.