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USD/RUB Choppiness Continues As Spot Pulls Closer To Fair Value

RUSSIA
  • Local and USD yields continue to trade choppily with a slight upside bias on tentative global risk sentiment.
  • USD/RUB continues to trade choppily within the bear channel pattern above its 100dma, having formed a marginally bearish doji candle during yesterday's session (shows indecision).
  • Softer commodities also capping USD/RUB downside as Brent pulls back after 5 consecutive days of gains. Wheat and NatGas also marginally lower (-1.06% & 0.59%).
  • With no local data or catalysts on the agenda for the day, we should see the pair track global sentiment and USD-side moves.
  • A move through 75.37 should open up a move towards 75.00 and closer to fair value.
  • Citi maintains its downside target in the 73-74 zone.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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