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USD/RUB Hovers Above 71.00 as Oil Techs Reflect Bearish Risks

SOUTH AFRICA
  • USD/RUB trades +0.28% higher this morning, brushing off firmer oil and natgas markets at the start of the week.
  • The cross dipped -0.69% on Friday, but fell short of breaking the 71.00 handle with Brent finding support around $80/bbl.
  • Comments from CIA should serve to temper concerns about the Russian military buildup on the Ukrainian border, but are still being monitored closely following an escalation of frictions in the Donbass between the LPR & Ukrainian soldiers.
  • Discussions on the visa dispute with US diplomats are also potentially on the agenda for this week, but haven't been a major price action driver.
  • Beyond preliminary GDP data, markets will gauge weekly CPI and trade balance data toward the end of the week.
  • US PPI & CPI will likely be the more important data on the agenda this week, with markets digesting the recent comments from Powell in moving away from the use of 'transitory' in describing pricing dynamics.
  • Bearish techs in oil markets could weigh on RUB this week and temper any recovery from the 26 Oct – 03 Nov move higher in USD/RUB.
  • Attention is on 71.00 support for a move lower towards 70.00-70.50. Intraday Sup1: 71.0687, Sup2: 70.7527, Res1: 71.6864, Res2: 71.8659
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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