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USD/RUB Choppy as Brent Flirts with $50/bbl

RUSSIA
  • USD/RUB opens higher above 75.00, holding around yesterday's high (75.4633) on continued weakness in Brent as futures flirt with the $50/bbl mark on demand-side concerns.
  • Key support coming in for Brent at 49.20 (Dec 10 low) & 49.18 (20 EMA), with a break lower opening up more downside towards $48.06.
  • Brent concerns should keep USD/RUB Choppy in the near-term in thin markets.
  • Resistance band at 75.6320 - 76.55 should keep the pair capped in the absence of any major shocks.
  • Move below 74.5589 should see a pullback to 74.00 & below.
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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