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USD/RUB Drifts Towards 76.00 With OPEC+ Expected to Maintain its March Output Plan

RUSSIA
  • USD/RUB trades -0.60% lower this morning, brushing off frustration from Putin over a lack of progress on Russia’s core demands.
  • The cross fell -0.66% yesterday, aided by a softer USD on the back of improved global risk sentiment.
  • Lavrov-Blinken talks were uneventful, as both sides await Russia’s response to the US written proposals, but early indications from Putin suggest the US (predictably) missed the mark on its core concerns.
  • Putin also decried US attempts to drag it into a war over Ukraine, arguing that the tensions are just a way of justifying more sanctions on Russia.
  • Nevertheless, both sides remain committed to more talks - keeping the current status quo intact.
  • OPEC is expected to stick to its plan for a +400k bpd hike in march, despite oil prices being at 7Y highs.
  • Industrial production data is expected to decline to 4.5% y/y vs 7.0% prior.
  • Intraday Sup1: 76.2144, Sup2: 76.015, Res1: 76.8878, Res2: 77.1812
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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