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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.
RUSSIA
- USD/RUB BGN resumed its move lower yesterday on the back of USD weakness and a cautious convergence in Istanbul negotiations, although leaders have downplayed concrete progress towards agreements somewhat.
- The cross closed the 28 Feb breakout gap higher and has fallen -18.48% this week - with an eye on 80.00 as the next downside target.
- However, larger debt payments due on 4 April represent a significant hurdle to more RUB strength if Russia struggles to may the payment in foreign currency.
- Stocks gained yesterday with the MOEX rising +4.35% and RTS $ Index up +7.67%. Oil markets have plummeted -5.48% this morning on signs that Biden will release 180m bbls of US reserves ahead of today’s OPEC+ meeting.
- 3x6 FRA-Mosprime spreads have also dipped into negative territory, signalling -3.74% in cuts expected over a 6m horizon.
3x6 FRA-Mosp Spreads
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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