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USD/RUB Dips Below 74.00 as Oil Regains Some Composure

RUSSIA
  • USD/RUB trades -0.55% lower this morning, supported by slightly firmer oil markets and early selling pressure on the BBDXY.
  • The cross remained mostly flat in yesterday’s session, despite the -2.72% drop in oil prices as Omicron fears bolstered concerns of demand destruction across global markets.
  • Geopolitical risks continue to simmer as tit-for-tat expulsions with Germany keep tensions elevated in the regions.
  • Russia’s move to divert gas from Yamal to Poland ahead of a cold snap in Europe is yet another step to squeeze Germany and the EU while Russia’s security proposals are on the table.
  • Here, the US said it is preparing a raft of its own proposals to hand to Russia and that it remains open to dialogue.
  • However, the situation remains far from de-escalating at this juncture with both sides likely to be far apart on their proposals.
  • Outside of geopolitical sabre-rattling, US current account data is the big-ticket item on the agenda today. Intraday Sup1: 73.5033, Sup2: 73.3616, Res1: 74.0639, Res2: 74.3325
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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