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Free AccessUSD/RUB Pops Higher On Weekend Profit-Taking & CBR Nerves
- USD/RUB pops higher at the open, but manages to hold below 73.50.
- Slightly more pronounced move than was warranted by slightly lower oil prices just off their 9-month highs and a marginal 0.11% uptick in the DXY.
- No major observable headlines other than increased chatter about Russian hacking
- Could be markets taking some risk off the table prior to a close CBR meeting today and pre-weekend profit-taking.
- bias remains towards a hold, but a 25bp cut cannot be fully discounted.
- RUB FRA 3x6s-Mosprime spreads still showing easing in the pipeline (17.5bp), which markets expect may arise in 1Q21-2Q21 depending on how transitory the short term spike in CPI turns out to be.
- Hold would reinforce current RUB carry, but may be interpreted as growth negative given rising case numbers and delayed vaccination rollout.
- Short-term resistance at 7.556-73.6947 & 73.84
To read the full story
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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.