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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