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Free AccessRUB On the Move Ahead of Expected OPEC Supply Cap; Nord Stream 2 Brushed Off
- USD/RUB opens firmly lower ahead of today's OPEC+ meeting with Brent trading near $53/bbl on expectations that producers may cap oil production going forward on 1H21 demand concerns.
- Analysts expect OPEC+ to maintain January levels (+500k bbls as decided in Dec) in Feb on slower than expected vaccine rollout.
- RUB leads the CEEMEA region +1.4% vs the USD as the DXY sags to 89.60.
- Spot has taken out 73.50 and may look to drift back to 73.00, provided risk sentiment remains supportive and OPEC follows through on the cap.
- Nord Stream 2 sanctions have been mostly brushed off but could see more volatility injected into the cross when Russia responds to the US.
- SUP 1: 73.3845, SUP 2: 73.1217, SUP3: 72.8237, RES 1: 73.6433, RES2: 74.8229 (also 50% fib).
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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.