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Free AccessUSD/RUB Holds a Narrow Range as Domestic Tax Period Winds Down
- USD/RUB continues to see muted price action around the 75.00 handle as the local tax period comes to an end.
- The cross has broadly ignored recent USD strength, kept firm by a hawkish CBR and unwinding tensions with Ukraine.
- Tentative strength in oil markets post-OPEC+ JMMC should be RUB supportive, however, risks to the near-term outlook remain tilted lower for oil.
- USD/RUB still remains relatively undervalued vs pre-Ukraine/US tensions levels (~73.00-74.00), but needs to see a decisive close below the 100dma at 74.6967 & 74.6370 support to unlock the next downleg.
- Today's FOMC will be the core focus of the day with the Fed expected to keep policy setting stable and accommodative to support the brewing recovery, while viewing the recent inflationary uptick as transient.
- Intraday Sup1: 74.8347, Sup2: 74.6370, Res1: 75.3055, Res2: 75.5649
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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.