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USD/RUB BGN Holds Volatile Sideways Range, Focus Shifts to Upcoming Push Towards Kyiv

  • USD/RUB continues to trade with multiple quotes onshore.
  • USD/RUB BGN closed -1.96% lower, having traded in a 15.14% range from 125-147 to close around 133.50.
  • 150.00 resistance has held in the past few sessions with the cross trading mostly sideways after Monday’s peak at 177.26.
  • Meanwhile, USD/RUB REGN traded within a 5.84% range between 116-123 to close at 118.698.
  • CBR says it is now exploring opening gup stock trading next week, which will likely result in heavy losses for MOEX listed stocks.
  • For today, the focus will be on Biden’s speech – but the conflict is no nearer to conclusion as Russia fortifies its position to make the next assault on Kyiv in the coming days.
  • Removing Russia’s MFN status at the WTO would be the next major sanctions blow, which would undoubtedly hamper its post-conflict recovery.
  • As we have been highlighting, Putin is still determined to offset political losses at home and the only way to do that is by gaining more meaningful control over Kyiv.
  • Russia’s next push on the capital will likely determine how long the conflict endures, with Russian forces likely to increase the intensity due to Kyiv’s fierce resistance thus far.

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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