Free Trial

USD/RUB Makes 6th Pass at 73.50 Level, Bucking Softer Oil Markets

RUSSIA
  • USD/RUB opens lower for a 6th consecutive session, putting pressure on sticky support at 73.50 for the 6th time in two weeks.
  • Firmer oil markets and selling pressure on the greenback supporting downside momentum in the cross, complimented by constructive US-Russia talks on the side-lines of the Arctic council.
  • Relations continued to improve as the US waives further NS2 sanctions, appearing to give up somewhat against the inevitably of its completion.
  • Oil markets (+0.60%) clawing back some of yesterday's -1.75% sell-off, which managed to find support a fraction above $65/bbl.
  • Discussions regarding repatriation of export earnings is worth noting today as the CBR has warned this could diminish its visibility in FX markets.
  • USD/RUB continues to look heavy on the techs front, supported by diminishing geopolitical risks and a hawkish CBR – but will need to clear 73.50.
  • Intraday Sup1: 73.5483, Sup2: 73.1718, Res1: 73.7436, Res2: 73.9706
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.