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(U2) Pulls Back From Last Week’s High


In the green against G10


Bullish Outlook


A steady start for the week


USD/CNH Back Above 6.7700


(V2) Key Support Still Intact

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  • Local & USD rates continue to trade mixed on rocky global sentiment.
  • 10Y local still holding above 6.20, 2Y drifting higher towards 4.70.
  • USD/RUB opens flat to lower on the back of a firmer start for oil markets today.
  • API stockpiles saw a larger than expected draw of 5.3m bbls vs expectations for a +430k build on the back of the prior week of lower demand.
  • Spot has drifted back to the 75.00 handle after falling short of 76.00 and the 100dma.
  • Concerns over Navalny protests set for Sunday may be a slight handbrake for RUB into the first week of Feb ahead of meetings with EU's Borrell.
  • A move through 74.85 vs the $ may see positive sentiment return to RUB, which has been one of the core long plays favoured by the sell-side in recent months.
  • Sup1: 74.85, sup2: 74.5208, Res1: 75.4614, Res2: 75.7875
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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