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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- USD/RUB gaps sharply lower this morning, playing catch-up to early selling pressure on the BBDXY, firmer oil markets and tentative optimism RE US-Russia ties.
- Yesterday's USD weakness post-FOMC continues to filter through into today's session after Powell downplayed inflation and tapering concerns – but paid lip service to stronger economic and employment activity coming closer to its goals.
- The net-result has been USD weakness thus far and more accommodative risk conditions.
- Oil markets firmed overnight on a larger than expected EIA inventory draw, supporting demand-side sentiment.
- Focus remains on yesterday's high (75.32), with a close above reinforcing bullish conditions after two consecutive spinning top candles.
- Yesterday's strategic stability talks delivered in line with our base case of "constructive" talks with agreements to discuss more as both sides have mutual interests in the area.
- This represents a slight improvement in relations, coming off a low base, but how the two sides act in the lead-up to September meetings will be vital in assessing their longevity.
- Nato comments today will also be watched closely for Tone RE yesterday's meeting. Cyber security talks, however, continue to show promise with Russia indicating a willingness to compromise and address issues.
- Intraday Sup1: 73.0236, Sup2: 73.8201, Res1: 73.3609, Res2: 73.6638
Brent Oil
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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