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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.
RUSSIA
- USD/RUB trades -0.21% lower this morning, tracking early weakness in the BBDXY and brushing off weaker oil & natgas prices to revisit the June lows at 72.16.
- The cross closed yesterday's session +0.08% higher, closing below 72.50 after risk conditions improved following comments from Putin on energy market stability.
- Brent trades -1.06% lower this morning, with support standing at the $80/bbl mark below. Headline CPI printed above estimates at 7.4% y/y vs 7.3% exp and core at 7.6% vs 7.3% exp – bolstering concerns about runaway inflation following the CBR's smaller than expected +25bp hike in September.
- Markets are now leaning towards the possibility of a slighting larger +50bp hike or a longer period of +25bp hikes at the next meeting with FRA-Mosprime spreads pricing in +107.5bp of hikes over a 3-6m horizon.
- A tighter stance from the CBR should continue to support RUB going forward, which continued to hold a firmer bias vs the USD – outperforming its regional peers.
- Next major support to the downside stands at 72.0413, & 71.7012. Intraday Sup1: 72.1644, Sup2: 72.0413, Res1: 72.3891, Res2: 72.5052
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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