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USD/RUB Brushes Off Weaker Oil Markets, But Remains in a Broad Range

RUSSIA
  • USD/RUB trades +0.11% lower this morning, in line with a marginally softer BBDXY - which is broadly ofsetting profit-taking in oil markets.
  • The cross rose +0.31% in yesterday's session as higher UST yields and a firmer USD put pressure on EM FX across the board.
  • Brent also slipped back below the $80/bbl mark as traders took profit on the sharp appreciation in September, and a surprise API inventory build tempered supply crunch concerns somewhat.
  • Early indications from Analysts also suggest that OPEC is likely to stick with its current supply levels, despite sharply rising prices – likely keeping momentum to the upside in oil markets in the near-term.
  • Domestic focus today will be on the Putin-Erdogan meeting and key issues for Russia including Ukraine and Syria.
  • Beyond this, weekly CPI will be eyed for more signs of upside risks to inflation and a protracted CBR hiking cycle following last week's firmer print.
  • Price action remains in a broad range between 72.50-73.50, with markets trading with a tactical approach on fluctuating risk sentiment.
  • The sell side remains constructive on RUB on a short and medium-term basis, however. Intraday Sup1: 72.5566, Sup2: 72.4238, Res1: 73.0047, Res2: 73.2749
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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