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USD/RUB Brushes Off Rising Virus Caseload, Eyes 72.00 Support

RUSSIA
  • 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
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage

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