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USD/RUB: Oil Falls as US Eyes Coordinated Reserve Release With China & Japan

RUSSIA
  • USD/RUB trades +0.24% higher this morning in line with softer oil markets and broadly weaker sentiment filtering through from the APAC session.
  • The cross fell -0.79% in yesterday's session, but failed to hold below the 72.50 handle. Yesterday's weekly CPI print should add more hawkish support for RUB as the CBR vocalizes its concerns about proinflationary pricing dynamics that have held their momentum into November.
  • Geopolitical risks continue to simmer with US-Russia strategic stability talks potentially on the cards for Dec/Jan.
  • With limited data on the agenda into the weekend, the cross should be driven primarily by oil markets and global risk sentiment.
  • Oil trades just shy of 1% lower this morning, following Reuters reports that the US was asking major oil consumers like China & Japan to consider a coordinated release of oil reserves to lower prices.
  • Intraday Sup1: 72.7867, 72.003, Res1: 72.9346, Res2: 73.4869
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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