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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- USD/RUB trades -0.74% lower this morning, pulling back below the 76 handle after yesterday’s sharp move higher.
- Aggressive remarks from Ryabkov citing no point in future talks with the West and threats of Naval drills and troop deployments in Latam sparked a 2.12% sell-off in the RUB – meaningfully changing the status quo in relations with the West.
- This frustration had been noted in recent comments this week, and the focus now shifts to Biden’s written response to see if talks will be salvaged or scrapped.
- US sanctions treats were seemingly the straw that broke the camel’s back after no progress was made with US, NATO and OSCE talks.
- RUB will remains sensitive to geopolitical headline risks today and into next week, with weakness also adding weight to passthrough pressures to inflation via the FX channel.
- 3x6 FRA-Mosprime spreads have risen sharply (+44bp) – hovering around +144bp this morning as markets brace for further tightening in Feb.
- Speeches from Lavrov and Nabiullina will be eyed this morning alongside US retail sales this afternoon.
- Intraday Sup1: 75.5636, Sup2: 75.2853, Sup3: 75.063, Res1: 76.2144, Res2: 76.537, Res3: 76.8878
3x6 FRA-Mosprime Spreads
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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