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RUB Revels in OPEC+ Outcome, Honing in on 73.00

RUSSIA
  • Local rates & USD rates unch this morning after local yields drifted lower in the front & belly of the curve.
  • USD 30Y yield remained under pressure, similar to SAGBs - trading below resistance at 3.22.
  • USD/RUB continues its run lower after a bumper result at the OPEC+ meeting
  • which saw Russia & Kazakhstan's production boosted 75k bpd total in Feb & March (65k bpd & 10k bpd), while other members cut a total of 7.2m bpd
  • Saudis offsetting increases for R & K. Next meeting early-march.
    USD/RUB looking to pare the 4 Jan supply hike scare from 73.08-75.2785, but may run into support around Sup1: 73.3845 & Sup2: 73.1217 in the near term.
  • Res1: 73.9460, Res2: 74.1755. Market still very constructive on RUB with strong carry differentials feeding the hunt for yield.
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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