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USD/RUB Pauses for Breath in the 62-64 Range as Putin Steps Back from Finland/Sweden Threats

RUSSIA
  • USD/RUB BGN trades -0.34% lower this morning, holding just above the 64.00 handle as the USD drifts slightly lower.
  • Yesterday’s session saw the cross drift mostly sideways as Putin seemingly stepped back from initial threats against Sweden & Finland over their NATO accession bid.
  • Although this is marks a key de-escalation in terms of lowering risks of NATO-Russia conflict, it was somewhat expected, given Russia’s current difficulties in Ukraine and limited military equipment/personnel deployed near Finland.
  • Although a military-technical response has been promised at some point it will take some time to free up the resources needed to reinforce the 833-mile border.
  • Meanwhile, Kuleba’s overnight comments suggest Ukraine is not interested in political concessions on territory or negotiations to end the war.
  • Downside momentum USD/RUB BGN has slowed slightly in the 62-64 range, having failed to establish a new YTD low in yesterday’s session.
  • Attention is on 62.3062 for the next leg lower, but if this level holds we could see the cross move into a broader sideways trend within the 62.3062-70.43 range.
  • US retail sales & industrial production data will be eyed for risks to US economic activity today.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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