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USD/RUB Back Above 73.00 as US Sanctions Threats Dampen RUB Optimism

RUSSIA
  • 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
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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