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USD/RUB: API Inventories Eyed as Brent Trades Above $80/bbl

RUSSIA
  • USD/RUB trades -0.08% lower this morning, tempering early upside in the BBDXY with a focus on gains in the oil market.
  • Brent now trades +1.04% higher, with spot rates above the $80 handle as the bull run continues. Focus will be on API inventories this afternoon for more signs of supply shortages following storms in the Gulf.
  • Analysts also say that skyrocketing gas prices could bolster demand for oil into the winter period.
  • On the domestic front, the Accounts chamber warned of both a bubble brewing in the mortgage market and called on the CBR to improve its forecasting for both inflation and GDP.
  • With limited data on the agenda for today, the cross will continue to be driven by oil market developments and global risk sentiment – while US debt sanctions risks simmer in the background.
  • Intraday Sup1: 72.3891, Sup2: 72.2462, Res1: 72.6637, Res2: 72.7441
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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