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Why MNI
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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.
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Free AccessUSD/RUB Pressures 74.00 as Oil Outlook Brightens, Mishustin to Speak
- USD/RUB trades flat to lower at the open, despite an early bid in oil futures back towards the $69 mark.
- Oil bumped up overnight on the back of a 2.5m bbl API inventory draw (vs 2.8m draw exp), and optimism over OPEC's brighter demand outlook.
- Markets remain concerned about supply-side dynamics as the Colonial Pipeline closure has seen petrol stations from Florida to Virginia run dry.
- Local focus will be on PM Mishustin this morning, reporting back on Govt progress.
- No incisive questioning is expected from opposition, as experts say this could damage their prospects in the Autumn Duma elections.
- US data will be the core EM FX price action driver for the remainder of the week, with CPI due today.
- RUB still remains a brightspot in EM with the sell side happy to fade rallies in USD/RUB.
- Many analysts have targets in the 71-72 range, 2.76-4.12% below current levels.
- Intraday Sup1: 73.9706, Sup2: 73.7436, Res1: 74.2086, Res2: 74.3885
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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.