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USD/RUB Brushes Off NATO Pressure for Hardline Stance on Russia, Back Below 72.00

RUSSIA
  • USD/RUB opens lower, moving back below the 72.00 handle supported by early weakness in the BBDXY.
  • Oil markets providing some support to RUB, with Brent trading +0.51% as the prospect extra supply from Iran fades somewhat with talks losing momentum somewhat.
  • Anti-Russian rhetoric continued at the NATO Summit yesterday, but made little impact on RUB.
  • Ukraine's accession efforts continue to be rebuffed, with the country still a long way from meeting the requirements on a number of fronts.
  • Focus turns to the Biden-Putin meeting tomorrow, where markets have mixed expectations of a hardline response from the US or efforts to mend fences.
  • The Kremlin has continually downplayed expectations from the meeting, but noted that the presence of a meeting is a net positive in itself.
  • NATO comments suggest members are pressing Biden to take Putin to task on Navalny, Ukraine and internal repression.
  • Anything short of a hardline stance will likely be construed as RUB positive, but uncertainty going into the meeting remains high.
  • Intraday Sup1: 71.7012, Sup2: 71.547, Res1: 72.0413, Res2: 72.3409
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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