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USD/RUB Eases Back above 75.00, G7 & Local Data In Focus

RUSSIA
  • USD/RUB opens slightly higher (0.15%) after the long weekend break in line with an early bid in the greenback – keeping the cross pegged above the 75.00 handle.
  • Focus this week will be on CPI data, expected to show early signs of moderation in line with the projected cyclical peak to 5.6%.
  • Additionally, PMI's will be monitored closely for signs of the budding demand-led recovery laid out by the CBR as a core factor driving its more hawkish reaction function.
  • Oil markets trading roughly flat this morning, having strengthened yesterday on signs of improving fuel demand in the US & Europe
  • Focus shifts to API inventory data today as analysts expect a -2.2m bbl draw after two weeks of builds.
  • G7 discussions surrounding Russia today may produce a few headline risks and will be worth monitoring amid strained international ties.
  • Intraday Sup1: 74.9975, Sup2: 74.7255, Res1: 75.5673, Res2: 75.7372
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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