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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
- USD/RUB trades +0.05% higher at the open, tracking weaker oil markets and a firmer BBDXY in early trading.
- Oil markets eased during the Asia session as traders took profits on three successive sessions of firm gains.
- Return of Pemex production is also responsible for a slight softening in oil markets with production expected to add an additional 110k bbl/day by the end of today.
- Weekly CPI data surprised a fraction higher yesterday after a number of weeks of flat readings bringing a slight degree of uncertainty into expectations for a moderation in inflation.
- 3x6 FRA spreads spiked overnight from +40bp to +50bp following the print, but RUB was little changed with most still expecting a +50bp move from the CBR at its next meeting.
- USD/RUB closed a fraction below the 100dma yesterday, but jumped back above as price action remains caught between the falling 200dma and rising 50dma.
- Sell side still like improving RUB fundamentals, and may look to fade bouts of RUB weakness towards the CBR.
- Intraday Sup1: 74.9435, Sup2: 73.7458, Res1: 74.2011, Res2: 74.2486
3x6 FRA-Mosprime Spreads Widen
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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