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USD/RUB Eyes Bullish Engulfing Candle as Russia Escapes Blame for DarkSide Hack For Now

RUSSIA
  • USD/RUB opens lower after rejecting the 73.50 level in yesterday's session as early upside in brent markets reversed to close slightly lower around $68.32/bbl.
  • Weakness in oil markets has continued this morning as US Gulf Coast crude refiners cut output on the back of Colonial pipeline closure, denting demand for crude.
  • Biden's remarks saying there is no evident Russia was involved in the DarkSide attack so far is a positive, but should be monitored as the narrative/investigation unfolds.
  • A large bullish engulfing candle formed on the daily chart is a bit of an obstacle to further USD/RUB downside for now
  • but the sell side remains comfortable to fade rallies so long as the current state of relative geopolitical calm in Russia persists.
  • Intraday Sup1: 73.9706, Sup2: 73.7436, Res1: 74,1981, Res2: 74.3885
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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