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Heading North


Modi, AMLO Top Major Economy Leader Poll, Macron Last


Under Pressure


Trend Condition Remains Bearish

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  • USD/RUB trades -0.57% lower this morning, broadly in line with early selling pressure on the BBDXY.
  • The cross drifted +0.92% higher yesterday amid choppy oil markets, but failed to establish a new swing high above 75.2853.
  • Brent trades mostly flat this morning as the focus turns to OPEC for a response to the coordinated SPR release, which could suspend its planned supply increases for Jan 2022 to offset the move.
  • On the geopolitical front, the situation has quietened down a bit, but there have been no real signs of de-escalation from either side with the 5Y CDS still at elevated levels.
  • A number of CBR officials are set to speak at various forums today, so markets will be keeping an eye out for inflation-related headlines following yesterday's firmer weekly CPI print.
  • Intraday Sup1: 74.3325, Sup2: 74.0639, Sup3: 73.6763, Res1: 75.0630, Res2: 75.2853