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Ruble Relishes Commodity Upside; Must Overcome Key Support

RUSSIA
  • Local & USD curves open lower on improved global risk sentiment, with 3-5Y USD tenors seeing the most demand.
  • 2Y local tenor trading choppily with an upside bias around 4.55.
  • USD/RUB continues to take its cues from global risk sentiment and oil-side developments.
  • NatGas & Brent open firmer this morning (+1.60% & +1.40%) with vaccine and Presidential transition optimism sustaining a 4th straight day of gains for Brent, despite a surprise API inventory build of 3.8m/bbls.
  • The cross is now approaching the 100dma and lower bound of the bear channel at 75.2822 and will need to clear both to open up a move below 75.00.
  • May see continued choppy trading around these levels as the DXY approaches key support at 92.00.
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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