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USD/RUB Holds its Lateral Range Ahead of 1QA GDP & Weekly CPI Figures

RUSSIA
  • USD/RUB BGN trades -1.04% lower this morning, treading water just shy of the 64.00 handle.
  • The cross has held a sideways range since 13 may with intraday lows coming in successively higher since last Friday – diverging somewhat from a softer greenback.
  • Today’s focus is on 1QA GDP data and weekly CPI data, with the former expected to soften to 3.7% vs 5.0% prior. Markets will be watching weekly CPI figures closely for softening price pressures amid a notably strong RUB for signs of additional easing in the pipeline from the CBR to target the 10-12% range for the key rate by year-end.
  • Brent pulled back from the $115 handle yesterday, but momentum remains to the upside as the West moves closer to a Russian energy embargo.
  • Key support stands at 62.3062, while resistance is seen at 66.43 & 69.88.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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