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RUB Starts on Firm Footing Following Unity Day Holiday

RUSSIA
  • USD/RUB trades -0.32% lower this morning – playing catch-up after the Unity Day holiday.
  • Oil markets remain subdued this morning after a choppy session yesterday following the OPEC decision to stick to its initial policy to hike output by 400k bbls/day – snubbing calls from the US for 600-800k.
  • Focus turns to $80 support in brent for a potential move lower towards its 50dma at $78.29.
  • With limited data on the agenda today, the focus shifts to US NFPs this afternoon for more clues on the recovery in the US labour market – which may inject some volatility into EMFX around midday.
  • The cross remains 3.38% above the 26 October low and may see renewed fading interest around these levels with markets still anticipating a firm response from the CBR in its upcoming meetings.
  • Intraday Sup1: 71.2984, Sup2: 71.0687, Res1: 71.8659, Res2: 72.0654
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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