Free Trial

RUB On the Front Foot, Makes New Weekly Low Vs the USD

RUSSIA
  • USD/RUB opens lower in line with a softer greenback, pulling away from the 75.00 handle to establish a new weekly low.
  • Oil markets trading mostly flat having stalled slightly at $70 resistance. However, a strong API inventories draw is likely to support both oil markets and the RUB in the coming weeks as oil trades bolster bullish bets.
  • PMI data printed marginally below expectations, bringing the CBR assertions of robust demand side pressures informing its accelerated hawkish stance somewhat into question.
  • Nevertheless, RUB fundamentals are seen as attractive at these levels, given a hawkish CBR and moderation in geopolitical volatility – A view echoed across the majority of sell-side institutions.
  • Intraday Sup1: 75.5050, Sup2: 74.3885, Res1: 74.6370, Res2: 74.7255
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.