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SberBank: OFZ Auction May Push USD/RUB to 73.00 Today

RUSSIA
  • USD/RUB holds above 73.00 after reaching our short-term target at 73.25
  • But looks set to drift lower after receiving little interference from the 200dma.
  • OFZ auction in focus as Sberbank highlights greater foreign participation expected - which may buoy RUB.
  • Brent trading firmer (+0.45%) on vaccine and demand-side optimism
  • But still below $50 handle.
  • Move through 72.9693 opens up 72.6391 support.
  • 73 level could be sticky, however
  • May require DXY weakness to support more robust USD/RUB downside.
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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