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USD/RUB Dials In On API Inventories

RUSSIA
  • local and USD curves open mixed to lower after a choppy day of risk-off yesterday.
  • USD/RUB opens 0.63% lower back below 76.00 support with price action approaching the two-week low around 75.50 and 100dma and lower bound of the bear channel at 75.24.
  • Firmer commodities continue to support a bearish bias in the cross, with Brent now trading decisively above the $45 handle.
  • Focus for Brent will be on API inventories this afternoon as concerns about the demand outlook weigh.
  • With limited local data to focus on, the pair should be vulnerable to global risk sentiment and USD-side moves.
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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