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Free AccessRuble Rallies as Brent Rips Higher, Duma Elections a Non-Event
- USD/RUB trades +0.14% higher this morning in line with a firmer BBDXY.
- The cross took a notable step lower in yesterday's session, falling -0.98% to take out the key level forming at 72.50 as RUB gains more bullish traction.
- The move was facilitated by robust gains in the oil complex with storms in the Gulf affecting output levels and both EIA & API inventories showing much larger than expected draws.
- Focus now turns to the $76.74 Fibonacci extension point for more bullish impetus.
- On the domestic front, Russia is set to press ahead with Duma elections tomorrow with United Russia expected to maintain its supermajority in somewhat of a non-event.
- Russia has hit back at the EP's threats of non-recognition, but geopolitical risks remain low at this juncture with the period after the vote becoming more important to monitor.
- US retail sales data will be the key USD-side driver today.
- USD/RUB continues to trade heavily with a large bearish engulfing candle reflecting renewed downside momentum in the cross towards the June lows at 71.55.
- Intraday Sup1: 72.2462, Sup2: 72.0413, Res1: 72.6637, Res2: 72.8201
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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.