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USD/RUB Holds Below 79.00 as Markets Await Written Responses from the US, NATO

RUSSIA
  • USD/RUB trades +0.28% higher this morning, broadly in line with a slightly firmer BBDXY.
  • Volatility in the cross subsided slightly during yesterday’s session with no new escalations emerging in the narrative.
  • The focus remains on the West’s written responses to Russia’s security proposals, which are now expected at the end of the week.
  • The situation remains tense, but the EU seems to be struggling to gain a unified response on sanctions as member states highlight major risks to energy security.
  • Nevertheless, NATO and the US remain committed to their firm position with threats of troop deployment boosting tensions, although none have agreed to deploy directly to Ukraine yet, which would be a major red flag for Russia.
  • Talks with the Normandy countries will be eyed today, alongside the first meeting of the Trilateral Contact Group in Ukraine.
  • Beyond geopolitical tensions, the Fed is expected to signal a +25bp rate hike in March, with anything less being construed as relatively dovish.
  • Attention will also be on the end of the tapering cycle for hawkish risks.
  • Intraday Sup1: 78.3048, Sup2: 77.9394, Sup3: 77.4994, Res1: 77.4922, Res2: 79.987, Res3: 80.1757
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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