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MNI

Test 003, Please Ignore

MNI

Test, Please Ignore

EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

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  • 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