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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.
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Free AccessUSD/RUB Breaks Below its 200dma, But US CPI Risks Remain High
- USD/RUB trades -0.35% lower this morning, bucking the trend in CEEMEA as price action finally pushes through the 200dma.
- Oil markets trade slightly in the red this morning, having failed to hold onto gains above $75/bbl in yesterday’s session.
- Outside of trade balance data (expected to fall slightly in Oct), the primary focus will be on US CPI data this afternoon.
- Geopolitical risks have moderated this week following Putin-Biden talks, facilitating a partial unwind in embedded risk premia.
- Moreover, support from market expectations for a hawkish CBR next week continues to keep RUB underpinned and among the few brightspots in the EMFX universe.
- Market expectations have coalesced around a +75-100bp hike at next week’s meeting following hawkish CBR communications and an upside CPI print at 8.4% y/y.
- However, early signs show there may be potential for a near-term peak in inflation with more favourable base effects entering the fray in December.
- The 100dma at 72.8391 is the next focal point for the cross. Intraday Sup1: 73.1560, Sup2: 72.8416, Res1: 74.0639, Res2: 74.3325
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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.