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RUB Shines as API Inventory Draw Buoys Brent, GDP in Focus

RUSSIA
  • USD/RUB trades -0.25% lower, diverging from the broadly weaker trend in EMFX on early gains in oil markets.
  • The cross fell -0.70% in yesterday's session, spurred on by a surprise API inventory draw and the White House backing away from the release of its SPRs – driving Brent back above $85/bbl.
  • RUB stands as an outperformer this morning amid weaker global risk conditions, and may have gained some light support from indications of a Putin-Biden meeting next year, although details are yet to be agreed on the matter.
  • EU threats of sanctions on Belarus seem relatively concrete regarding the Polish migrant crisis, but Russia has yet to weigh in on the matter – keeping a proxy EU-Russia tiff at bay for the meanwhile.
  • US CPI will be the big-ticket item this morning, with risks of a hawkish print holding some intraday volatility risks for EMFX.
  • Beyond this, GDP is expected at 4.5% - reflecting base effects on Q2's strong pent up demand pressures, which have now become more balanced and point towards ~4.3-4.4% FY21 growth.
  • Weekly CPI will also be monitored closely for follow-through on proinflationary pressures in November. Intraday Sup1: 70.4632, Sup2: 70.0975, Res1: 71.0107, Res2: 71.3197
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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