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USD/RUB Pauses at 74.50 Ahead of NATO Talks, CPI Data

RUSSIA
  • USD/RUB trades +0.20% higher this morning, stalling around the 74.50 handle as the BBDXY bumps higher and oil gains slow following a smaller than expected API draw (-1.1m vs 1.9m exp).
  • The cross continued to drive lower yesterday supported by gains in oil markets and risk-on following more measured balance sheet run-off remarks from Powell.
  • NATO-Russia security discussions will be in focus today after comments from Russia yesterday sounded more downbeat about talks with the US.
  • Talks begin at 0900GMT and Stoltenberg has a presser at 1230GMT.
  • There seems to be some scope for convergence on military drills, but not on key issues – which may see the status quo of high tensions resume after the meetings – but not escalate.
  • Local monthly and weekly CPI figures will also be monitored for CBR expectations today as price pressures remain proinflationary, while US CPI is the big-ticket international data point.
  • Intraday Sup1: 74.3325, Sup2: 74.0639, Res1: 74.7558, Res2: 75.063
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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