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USD/RUB Gaps Lower as Brent Finds Support at $65/bbl, But Oil Sentiment Remains Weak

RUSSIA
  • USD/RUB opens -0.28% lower this morning, with early weakness in the BBDXY and firmer oil markets bolstering RUB.
  • Oil markets found support around $65/bbl this morning, rising +2.02% after a notable weekly slide – snapping a 7-day losing streak.
  • Sentiment, however, still remains bearish with the demand-side and technical outlook becoming cloudier.
  • Markets will focus on $63.89 support for renewed bearish pressure that will likely continue to weigh on RUB.
  • Domestically, the focus will be on weekly CPI data for further signs of moderating price pressures in line with CBR forecasts.
  • Additionally, industrial production is set to moderate slightly at 8% vs 10.4% prior.
  • Relations with the UK remain strained after renewed Navalny sanctions, but have had little marginal effect on RUB given Russia's extensive sanctions dampener mechanisms.
  • This week's focus will also be on US data: Flash PMIs today, 2Q GDP and the Jackson Hole Symposium for more clues on the Fed's taper timeline.
  • Intraday Sup1: 73.9435, Sup2: 73.7458, Res1: 74.2486, Res2: 74.3985
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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