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USD/RUB Gaps Below 73.50, OPEC+ Meeting Eyed for Additional Supply

RUSSIA
  • USD/RUB opens -0.32% lower this morning, broadly tracking early selling pressure on the BBDXY and brushing off slightly softer oil markets.
  • The Oil complex dipped this morning, following weaker Chinese PMIs and concerns that damage from Hurricane Ida would cut crude demand from refineries – resulting in some early weakness.
  • Focus shifts to the OPEC+ meeting this week, where analysts are on the fence about whether it will go ahead with plans for +400k bbls/month supply increase through to December.
  • USD/RUB continues to trade heavily this morning after price action closed below the 50dma on Friday's session post-Jackson Hole.
  • Sell-side remains constructive on RUB heading into the next CBR as tentative signs of softer inflation filter through – reinforcing more attractive fundamentals.
  • However, local Duma elections and friction with the West over interference and Ukraine represent ever-present concerns. Intraday Sup1: 73.2181, Sup2: 73.0263, Res1: 73.4728, Res2: 73.6210
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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