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USD/RUB Heavy as Bullish Backwardation Structure Emerges in Brent

RUSSIA
  • USD/RUB opens lower to retest 74.00 support as early dollar selling helps drive the cross lower.
  • Oil markets trade flat to marginally firmer with prompt time spreads widening slightly in a bullish backwardation structure - signalling a tightening market.
  • Nevertheless, Brent still faces considerable resistance at $70 and will need to see a thaw in global Covid cases before taking the next leg higher.
  • Today's focus shifts to 1QGDP exp at -1/2% vs -1.8% prior, followed by industrial production, FOMC minutes & PPI later in the week.
  • Discussions between Blinken & Lavrov on the sidelines of the Arctic Council meeting this week will be monitored closely for improvements in US-Russia bilateral ties ahead of the Biden-Putin meeting in June.
  • The cross continues to trade heavily, but will need to take out 73.50 support to unlock more downside.
  • Intraday Sup1: 73.7436, Sup2: 73.50, Res1: 73.9706, Res2: 74.1981
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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