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USD/RUB Holds Below 100, 50dma - Western Reaction to Elections Limited So Far

RUSSIA
  • USD/RUB trades -0.37% lower this morning, in line with early relief selling on the BBDXY and 1% firmer oil markets.
  • The cross closed +0.78% higher in yesterday's session, but failed to hold above the 100 & 50dmas.
  • Concerns about Duma legitimacy were aired from Western powers yesterday, but no threats of action were made in terms of sanctions or any other measures.
  • Protests against the e-voting system were also relatively muted.
  • Russia is now pressing the US for info on alleged cyberattacks, but this seems like somewhat of a deflection tactic.
  • The Russia-West dialogue on election legitimacy will be monitored ahead of discussions with Lavrov & Borrell on the side-lines of the UNGA.
  • Markets will eye API inventory data this afternoon for further signs of depleted storage seen last week following storms in the Gulf.
  • Having held below the DMAs, USD/RUB momentum remains biased lower, but concerns of a hawkish reaction to the FOMC dot plot distribution remain a concern for EM FX this week.
  • Intraday Sup1: 73.0047, Sup2: 72.8201, Res1: 73.3934, Res2: 73.5125
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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