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- USD/RUB trades +0.02% higher this morning, treading water with oil mostly flat.
- The cross fell -0.54% in yesterday’s session, but failed to close below the 200dma at 73.5543.
- Easing omicron fears continued to bolster oil markets, but gains were tempered by a smaller than expected EIA inventory draw with price action closing in on $76/bbl.
- Geopolitical risks continue to simmer following a constructive Biden-Putin meeting, with Russia’s 5Y CDS dipping below 110 support yesterday.
- CPI data printed a fraction higher than expected at 8.4%, but weekly CPI registered a smaller rise at 0.07% - fuelling hopes for a moderation in price pressures in December.
- Market expectations, as expressed by 3x6 FRA-Mosprime spreads remained mostly stable at +95bp with most sell-side analysts favouring +75-100bp in hikes at the next CBR meeting.
- Price action needs to move through the 200dma in order to take the next leg lower towards the 100dma below at 72.84.
- Intraday Sup1: 73.5033, Sup2: 72.9364, Res1: 74.0639, Res2: 74.332