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RUB Remains on the Backfoot as Travel Restrictions Cap Brent

RUSSIA
  • USD/RUB opens higher amid broad risk aversion and a firmer greenback post-Fed.
  • Brent slipped back towards $55.50 on tighter travel bans in the UK and in China surrounding the lunar new year raising concerns about fuel demand.
  • USD/RUB has taken out the 76.00 handle and remains under pressure due to risk-off and embedded sanctions risks related to Navalny.
  • Focus today on local data with unemployment and retail sales expected to come in flat to marginally lower, providing little support to the recovery narrative.
  • Spot rejected the 76.3680 resistance level, but the RUB remains on the backfoot, having breached the 22 Dec high.
  • Sup1: 75.8501 (in line with 100dma), Sup2: 75.4614, Res1: 76.3680, Res2: 76.5901
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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