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Sell Side Sees More Downside for USD/RUB towards 68.00 in 2021

RUSSIA
  • USD rates continue to bear steepen yesterday. 30Y now trading above 3.30
  • local 10Y holding below 5.90 & 2Y flattening after drifting below 4.35.
  • USD/RUB higher at the open in line with CEEMEA peers and broad USD buying activity.
  • Brent trading ~+0.70% higher on demand, with UBS lifting its mid-year target to $60/bbl.
  • Sell-side still happy to allocate to USD/RUB shorts on moves above 74.50 with new 6-12m targets coming in at 70.00-68.00.
  • For now, spotshould remain choppy in the 73.50-75.00 range on USD-side factors. NFPs likely to inject volatility into the mix today. RES1: 74.50, RES2: 75.00.
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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