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RUB Lags CEEMEA Peers, Despite Firm Commodities

RUSSIA
  • Yields mixed across the local curve, with a slight downside bias in 10Y.
  • 30Y USD rates pulled back sharply towards 61.8% Fib from 11 Dec move lower, holding around 3.172 mark.
  • USD/RUB opens mostly flat, lagging CEEMEA peers as it trades above 73.50 support.
  • Commodities holding firmer, with natgas outperforming +8.52% & Brent +0.69% on hopes US stimulus will offset some demand-side concerns.
  • However, analysts remain concerned about the new covid variant and OPEC meeting overhangs ahead of the 4 Jan meeting.
  • Sanctions risks regarding Nord Stream 2 will need to be monitored going forward, but for now global sentiment and commodity prices remain the key drivers for USD/RUB.
  • Move through lateral support band at 73.550 -73.4950 opens up 73.04-72.7940.
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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