Free Trial
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.
RUSSIA
- USD/RUB gaps lower at the open this morning in line with early weakness in the BBDXY and oil markets trading +0.77% in the green.
- USD/RUB remained relatively more composed in yesterday's session than the likes of ZAR in terms of wild whipsaws, but still ended +0.47% higher on the day.
- Oil remains fragile at these current levels, keeping RUB choppy in the near-term as the demand-side outlook becomes cloudier and technical indicators on Brent become more bearish.
- Focus remains on July's $66.91 low. Domestic focus will be on PPI & weekly CPI numbers for signs of moderating in pro-inflationary pressures in line with CBR forecasts with lower prints likely to bolster demand for RUB assets in the near-term amid the CBR's current tightening cycle.
- 3x6 FRA-Mosprime spreads have narrowed substantially since last week's weekly CPI print – now at +30bp from +54bp.
- Shortly after we receive the FOMC minutes, which will likely be the primary price action driver for today – with a hawkish tilt expected to see the greenback biased higher with scope for a second session of higher volatility in EM FX.
- Intraday Sup1: 73.3934, Sup2: 73.2181, Res1: 73.5731, Res2: 73.7458
3x6 FRA-Mosprime Spreads
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok