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USD/RUB Reverses at 75.50 as EIA Data Shows Surprise Inventory Draw

RUSSIA
  • USD/RUB opens lower, having peaked around the 75.50 mark in yesterday's session as buyers tentatively returned to crude markets marginally above $72/bbl.
  • A surprise draw in EIA inventories at -6.9m bbls vs -2.2m bolstered futures after a -5% w/w slip.
  • USD/RUB remains +1.52% higher this week, hit by softer oil prices and board-based risk aversion surrounding the FOMC minutes and QE tapering concerns.
  • Current account data is expected to show a contraction in the surplus for 2Q, however, the sell side sees this as temporary with the surplus forecast to expand into year end alongside oil production – lending support to the RUB over the medium-term.
  • Intraday Sup1: 74.2486, Sup2: 74.0706, Res1: 74.7255, Res2: 74.9975
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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