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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.
RUSSIA
- USD/RUB trades -0.22% lower this morning, brushing off softer oil prices to move back below 70.50 in early trading.
- The cross rose +1.56% in yesterday's session, moving sharply back above the 70 handle as energy prices sagged following larger than expected inventory builds this week and tentative profit-taking on RUB longs.
- Brent slipped below $84/bbl this morning, trading just shy of 1% lower on the day for a weekly decline of -2.66%.
- Weekly CPI data yesterday confirmed that price pressures still remained notably proinflationary with 3x6 FRA-Mosprime spreads widening this morning back to +92.5bp after falling to +74.5 prior to the print.
- Frictions between Russia and NATO/Ukraine continue to simmer after Ukrainian military used Turkish drones to destroy separatist artillery in the Donbass and Russia warned NATO about its expanded presence in the Baltics.
- However, the discussion of the 2022/24 budget will be the focus today with no data on today's schedule.
- Attention will be on 70.00 support so see if this is just a near term pause in a deeper move lower or the start of a near-term consolidation period in the 69.50-71.50 range before the next CBR.
- Intraday Sup1: 70.2891, Sup2: 70.0777, Res1: 70.7847, Res2: 71.1034
3x6 FRA-Mosprime Spread
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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