Free Trial

USD/RUB Makes Another Attempt at 76.00 Support, US NFPs In Focus

RUSSIA
  • USD/RUB trades -0.67% lower this morning, making another attempt at the 76.00 handle in early trading.
  • The cross rose +0.62% yesterday, despite broad USD weakness as markets became slightly more tentative on USD/RUB around the 75.00-76.00 range with no concrete signs of de-escalation appearing just yet.
  • Putin & Xi are expected to discuss Russia-China cooperation at their joint presser today as tensions over Ukraine drive further East vs West polarisation.
  • Talks of independent payments systems will be eyed in the comments as both economies seek to insulate themselves from US sanctions.
  • RUB still screens as undervalued vs its fundamentals, given the wide geopolitical risk premium - but further gains below 75.00 will likely need to be justified with clear signs of de-escalation.
  • Focus is on Belarus military drills for now with 30k soldiers taking part and keeping US and NATO on edge slightly as we await Russia’s response to the counter-proposals leaked by El Pais.
  • USD-side drivers will come from US NFP data today, expected to be marginally softer following a weak ADP print.
  • Intraday Sup1: 75.5827, Sup2: 75.148, Res1: 76.537, Res2: 76.8878
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.