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USD/RUB Regains its Footing Around 72.00, CPI Eyed for CBR Tightening Trajectory

RUSSIA
  • USD/RUB trades -0.22% lower this morning, mirroring early weakness in the BBDXY and brushing off weakness in the oil complex.
  • The cross closed yesterday's session mostly flat after an initial move higher sparked by concerns of escalating Russia-Ukraine tensions in the Donbass with the US voicing concerns about Russian troop movements.
  • However, this move was pared into the afternoon - keeping the cross pegged below 72.00 to form a bearish gravestone doji candle on the daily chart.
  • Oil is off -1.62% this morning after rejecting the $85.00 handle following a sixth straight week of inventory of builds in API data, with an eye on EIA inventory data this afternoon.
  • USD/RUB should remain sensitive to CPI today with an upside print likely to buoy RUB on expectations for tighter policy, with the cross having retraced 3.12% in recent sessions from the 26 Oct swing low.
  • From here, we may see RUB regain some lost ground after a washout of long positioning and some tentative profit-taking.
  • This evening, the focus shifts to the FOMC with markets concerned about hawkish inflation and rates lift-off rhetoric from the Fed that could precipitate some volatility across EMFX.
  • Intraday Sup1: 71.0792, Sup2: 70.8196, Res1: 71.6864, Res2: 71.8659
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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