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USD/RUB Gaps Lower as Oil Bulls Await API Data, US Cybersecurity Talks Eyed

RUSSIA
  • USD/RUB gaps lower at the open to pull back below 74.50, supported by firmer oil markets and signs of positive steps in US-Russia discussions on Cyber-security and climate.
  • Brent trades +0.43% this morning on expectations for another inventory draw at today's API data print.
  • Analysts warn, however, that uncertainty over production plans and concerns over the spread of the Delta variant may cap upside in the near-term.
  • USD/RUB price action has now gapped below the 100dma at 74.2665, having stalled out around the 200dma, and may drift towards the 50dma at 73.34 in the coming sessions should oil markets continue to rise and US-Russia relations show signs of thawing ahead of talks.
  • Markets will continue to gauge US-Russia sentiment as cybersecurity talks on the 16th of July draw closer, but with the bar set low in terms of expectations, any constructive dialogue between the two will likely be regarded as a relatively positive outcome.
  • Intraday Sup1: 73.9571, Sup2: 73.4728, Res1: 74.4323, Res2: 74.8061
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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