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Free AccessUSD/RUB Racks Up a Second Day of Gains After Sanguine Victory Day Speech
- USD/RUB BGN trades +0.14% higher this morning, treading water a fraction below the 70 handle.
- The cross rose for a second consecutive session yesterday, climbing 2.24% following Putin’s Victory Day speech – which mostly fell short of analyst expectations for an escalation or some form of revised direction/strategy.
- The primary takeaway was that the Donbas remains Russia’s first objective and may lead to a more protracted regional conflict.
- Beyond that, Putin justified his actions with assertions that the West, Ukraine and neo-Nazis were threatening Russian territories from all sides, but failed to issue any threats against the West or any major escalations.
- USD/RUB seems to have found some support around 65.00, and markets will be keeping an eye on yesterday’s highs just above 70.00 for a continuation towards 73.50 & 75.00 or retracement lower to 66.80 & 65.00 below.
- Brent fell sharply yesterday and is now trading around the $105/bbl mark.
- USD price action will be the major markets driver for the remainder of the week as we receive CPI, PPI & economic activity data throughout the week.
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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.