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Free AccessRUB Longs Pared Back at 73.00; Upbeat Commodities Continue to Provide Support
- USD/RUB opens lower, outperforming its CEEMEA peers and bucking DXY strength mostly on upbeat commodities
- Traders citing capped downside in Brent due to vaccine optimism spurring best on higher 2021 demand.
- Brent also notched higher on reports of a terrorist attack at two Iraqi oil wells, although production not affected.
- Some sell side noting a reduction in RUB longs at 73.00 yesterday with the aim to add more USD shorts above 74.00.
- USD/RUB below 200dma - may look to drift back towards 73.00, provided risk sentiment remains accommodative.
- Headline risks regarding EU summit sanctions extension & Minsk agreement discussions should be noted.
- Downside support at 72.9693 (61.8% fib on Jun - Nov rally), followed by 72.6391 (Aug 5 low).
To read the full story
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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.