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USD/RUB Holds Up Against a Surging Greenback as EM FX Slides

RUSSIA
  • USD/RUB BGN trades -0.22% lower this morning, brushing off USD strength keeping other EM currencies on the backfoot.
  • The cross took a leg lower following US CPI and has managed to hold onto most of the move to hover just above the 66.00 handle after marking an intraday low at 64.01.
  • The decline in Brent (-1.62% this morning at $105/bbl) has also had little effect on the cross.
  • Today, Putin will meet with various officials on the economy and march trade balance date is due at 1400BST – likely reflecting a major decline due to the Ukraine conflict.
  • Following yesterday’s hot US CPI print, PPI data will also be watched closely for USD-side drivers as risk aversion remains the dominant theme.
  • A consolidated break through 64.9287.00 opens up the 05 May low at 62.3062
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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