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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: PBOC Net Drains CNY227 Bln via OMO Wednesday
MNI BRIEF: Aussie Q3 GDP Prints At 0.3% Q/Q
USD/RUB Heavy as CBR Struggles to Look Trough Transitory CPI Spike
- USD/RUB opens slightly higher as the shine comes off oil markets in early trading.
- Brent futures pulled back from the $70 handle on concerns about rising stockpiles and demand risks surrounding Germany & France halting vaccinations due to AstraZeneca complications.
- API inventories due later today, with ING warning the US return to production post-Texas freeze will lift crude oil stocks towards 500m bbls.
- USD/RUB remains heavy, having taken out key psychological support at 73.00 – opening up the 72.6566 bear trigger.
- Focus shifts to Friday's CBR with a final hold expected ahead of an expedited hiking cycle in April/June to contain persistent overshooting of CPI projections.
- Successive upside surprises have undermined the CBR's ability to be confident in seeing through the transitory nature of the recent supply shock-induced price pressures towards medium- term disinflationary trajectory.
- March CPI metrics will be key in gauging the start of the hiking cycle, with markets expecting Gov Nabuillina to guide towards preparing markets for future hikes at this meeting.
- Intraday Sup 1: 72.8237, Sup2: 72.6566, Res1: 73.1217, Res2: 73.4212
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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.