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MNI

Test, Please Ignore

EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

AUDUSD TECHS

Trend Indicators Remain Bearish

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  • USD/RUB opens lower in line with slight selling pressure on the BBDXY at the start of the session, despite weakness in oil markets.
  • Oil took a knock yesterday, having failed to breach $75/bbl in Wednesday's session as USD strength stalled bullish momentum.
  • Nevertheless, traders see oil weakness as short-term with bullish bets on improved demand/supply dynamics increasing.
  • USD/RUB failed to hold above major trendline resistance at 72.50 in yesterday's session with markets eyeing 72.00 support and this week's low in the 71.70-71.50 range.
  • The virus situation appears to be deteriorating rapidly in Moscow, with officials warning about the alarming spread of the Delta variant and extending restrictions until June 29 this morning.
  • This has yet to reflect in RUB sentiment, which is dominated by the CBR tightening cycle, upside in oil and moderating geopolitical tensions.
  • Intraday Sup1: 72.0413, Sup2: 71.7012, Res1: 72.3409, Res2: 72.6906