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Free AccessUSD/RUB Pauses for Breath at 65.00, Bucking USD Strength
- USD/RUB BGN trades +0.07% higher this morning with price action holding above 65.00.
- The cross was mostly unaffected by yesterday’s aggressive retracement of the post-FOMC USD weakness, but has seen downside momentum slow slightly.
- W/w the RUB has gained 9.19% against the greenback with passthrough to inflation continuing to moderate.
- WoW CPI figures will be interesting to gauge this afternoon as the delayed effects of the stronger RUB begin to reflect in high frequency figures.
- Sell-side forecasts see the CBR having space to reduce the key rate an additional 200bps at the next meeting to the 12% and reach 9% by 2023.
- 65.00 support is holding for now, with the weekly low at 62.30 being the next downside target should the level give way.
- On the conflict front, negotiations remain stalled and Russia’s assault on Mariupol continues with the aim of confirming the establishment of the Land Bridge – which can be framed as a victory for Putin at home on May 9th.
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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.