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RUB On the Backfoot as Markets See More Sabre-Rattling Ahead

RUSSIA
  • USD/RUB opens higher as US higher treasury yields buoy the USD across the board.
  • Oil markets trade softer on the margins: analysts note a lot de-stocking occurring, signalling re-balancing process is underway, but warn physical markets will still need to pick up before prices & intermonth spreads can rally.
  • Choppy USD/RUB price action expected to continue as the Ukraine conflict develops with signs of a breach in the ceasefire emerging in Russian news.
  • Current consensus aligns with more tensions and sabre-rattling to come before an eventual dissipation – keeping RUB assets on the backfoot pending a normalisation in uncertainty.
  • US sanctions are seemingly drawing closer with intelligence services having completed various reports, but allegedly will not be announced before next week.
  • Intraday Sup1: 75.6759, Sup2: 76.4357, Res1: 77.2794, Res2: 78.00
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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