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RUB Revels in Strong China Data, But Analysts Voice Concerns about Demand Factors

RUSSIA
  • USD/RUB opens lower in line with broad global risk sentiment, supported by renewed $ selling and upbeat commodities.
  • Brent trading back above $55 on US stimulus & Chinese optimism after Chinese refinery output bumped up 3% to a new record yesterday.
  • Analysts are cautious about falling fuel sales in India and rising Covid cases in Japan/China that could dampen demand in the short-term.
  • Focus today on 4Q preliminary Current Acc data, expected to see a massive pickup at 8.8bn vs 3.18bn prior & consumer confidence data.
  • RUB still among the top EM long trades for the sell-side, alongside TRY.
  • Sup1: 73.4459, Sup2: 73.2825, Res1: 73.9016, Res2: 74.1755.
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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