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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 opens firmly lower, having taken out key lateral support at 72.50 in yesterday's session supported by upside in oil markets and hawkish CBR bets.
- Brent trades in the green this morning, back above $72.50 as concerns of returning Iranian supply faded with Blinken saying sanctions against Tehran were unlikely to be lifted.
- Additionally, improved demand-side outlooks continue to buoy oil markets as vaccine rollouts gain pace globally.
- The technical break at 72.50 is a significant one, opening up support levels in the 70-72 range for a more consolidated move lower towards the 10 March 2020 breakout gap at 70.6878.
- This should add bullish momentum to RUB in the near-term, with sell-side noting the addition of RUB longs following the break below 72.50.
- However, with price action now in oversold territory on the daily and leading up to the Biden-Putin meeting, a number of tail risks remain.
- Sup1: 71.6625, Sup2: 71.4168, Res1: 72.5385, Res2: 72.7940
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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