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USD/RUB Back Above 73.00 as US Sanctions Threats Dampen RUB Optimism
- USD/RUB opens higher above 73.00 as threats of new sanctions surrounding Navalny and Nord Stream 2 rattle positive RUB sentiment following the constructive Biden-Putin meeting last week.
- Oil markets kick the week off marginally in the green, holding above $73.50/bbl as signs of a delay in the Iran Nuclear deal become clearer against a stronger global demand backdrop.
- USD/RUB trades +1.71% higher vs last Monday, having failed to move below 71.50 with broad risk aversion hurting EMFX.
- Despite this, RUB outperformed peers ZAR & TRY by some distance, showing its relative resilience to souring risk conditions.
- With limited data on the agenda this week, geopolitics and USD-side factors are likely to dominate price action this week.
- Intraday Sup1: 73.0182, Sup2: 72.6637, Res1: 73.3652, Res2: 73.5483
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.