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Sell-Side Burned on USD/RUB Shorts - Navalny Risks in Focus

RUSSIA
  • USD/RUB opens higher after failing the break 76.00 once again.
  • Swathe of sellside closures of USD/RUB short positions this week after Navalny sanctions risks and $ buying forced a correction back to 76.50.
  • Cross will remain on the backfoot in the near-term with the recent inflation spike eroding carry appeal and burgeoning sanctions risks surrounding Borrell's visit after Navalny's sentencing (02 Feb) keeping flows tentative.
  • Oil markets subdued this morning as expectations for Saudi's 1m bbl production cuts in Feb & March offset demand-side virus/vaccine concerns.
  • Res1: 76.3870, Res2: 76.5901, Sup1: 75.8504, Sup2: 75.4614
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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