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USD/RUB Hovers around 75.00 as Large API Draw Buoys Oil Markets

RUSSIA
  • USD/RUB trades mostly flat around the open, having pulled back below the 75.00 handle in yesterday's session supported by stronger oil markets.
  • API inventories saw a substantial draw overnight at -7.7m bbls vs -2.2m exp, bolstering upside momentum in Brent markets, despite virus concerns in India.
  • Although markets are open today, local volumes may be somewhat muted due to the local public holiday.
  • Price action reversed off the 50dma in yesterday's session, but will need to close below the 100dma (74.7305) to unlock the next leg lower against the tide of recent risk-off $ buying activity.
  • RUB fundamentals remain fairly attractive at these levels, but will be tempered by risk-off conditions.
  • Intraday Sup1: 74.8246, Sup2: 74.6370, Res1: 74.9975, Res2: 75.3055
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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