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USD/RUB Opens Lower, Brushing off Sanctions Risks

RUSSIA
  • USD/RUB on the charge lower towards monthly lows around 73.1217, supported by sustained $ selling.
  • Embedded political risks mounting as NS2 sanctions come through and Navalny's arrest draws international condemnation, but this is nothing new for a Russia accustomed to perennial sanctions activity.
  • Bond inflows and upside from brent, wheat and natgas also supporting RUB optimism.
  • Focus on weekly CPI data amid spiking food inflation limiting CBR's space to ease - prior print 0.4%.
  • Intraday Sup1: 73.1217, Sup2: 72.8237, Res1: 73.3845, Res2: 73.5558
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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