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USD/RUB Hovers Above 73.00 as Positive Post-Geneva Sentiment Wavers

RUSSIA
  • USD/RUB opens flat to higher this morning, with early upside in the BBDXY neutralising gains in oil markets.
  • Brent moved back above $75/bbl for the first time today since April, bolstered by demand-side improvements and easing concerns RE Iranian supply returning to market.
  • USD/RUB remained underpinned in yesterday's session as US sanctions threats dented positive post-Geneva sentiment.
  • Health experts continue to warn abut the escalating virus situation locally, with Moscow & St Petersburg struggling to contain the spread of the Delta variant.
  • However, no new restrictions are being floated as of yet. The return of US & Russian ambassadors to their various posts is a positive, but sentiment has soured somewhat this week and will need to be monitored for follow-up on sanctions threats.
  • Resistance in the 73.50-73.70 zone looking fairly robust but will depend on geopolitical developments in the near-term.
  • Intraday Sup1: 73.0263, Sup2: 72.6637, Res1: 73.3652, Res2: 73.5483
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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