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  • USD/RUB opens flat to marginally higher, somewhat against the grain given early selling pressure on the USD.
  • Comments from the Kremlin downplaying the possibility of a reset in relations spooked RUB bulls somewhat in yesterday's session, seeing spot rise to 73.71 before retracing back to 73.50.
  • Oil trading slightly softer this morning as Iran negotiations develop,
  • two consecutive spinning top candles forming in brent signalling slight indecision below $70/bbl.
  • Yesterday's approval of the extremist organization election ban in the state Duma takes Navalny's organization further out of contention ahead of September elections- reinforcing United Russia's grip on power.
  • The 73.20-73.60 lateral range appears to be fairly sticky at the moment, awaiting fresh catalysts to initiate the next leg lower.
  • US data in focus today. Intraday Sup1: 73.4212, Sup2: 73.1718, Res1: 73.7436, Res2: 73.9706
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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