CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/RUB Moves Below 75.00 as Geopolitical Risk Premia Unwind

RUSSIA
  • USD/RUB trades -0.53% lower this morning, headline below the 75.00 handle on the back of unwinding geopolitical risk premia and a softer USD.
  • Promises of troop pullbacks facilitated a RUB gain of 1.82% vs the greenback yesterday – paring most of the 11 Feb war risk scare.
  • The focus is now on concrete signs of further troop pullback with the West still concerned about 130k soldiers still deployed.
  • Yesterday was an important olive branch to the US with Putin making good on his promises to reduce troop numbers, but clear differences still remain over Ukraine’s NATO status, DPR & LPR recognition and the implementation of the Minsk agreements – which were highlighted at the meeting with Scholz.
  • DPR/LPR recognition may be a source of sustained tensions in the coming weeks, but RUB will be most sensitive to troop movements.
  • The de-escalation allows for RUB’s strong macro fundamentals to shine amid notably high oil prices (brent at $94/bbl). The FOMC minutes are due this evening alongside a raft of US data.
  • Prior lows at 74.266 become the next downside target, followed by 73.50.
  • Intraday Sup1: 74.6288, Sup2: 74.266, Res1: 75.5827, Res2: 76.015
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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.