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GOLD

Flat In Asia After Two-Way Monday

US TSYS

Light Cheapening With Risk Tilted To On

JGBS

Twisting Steeper Within Tight Ranges

CROSS ASSET

Risk-Positive Flows Extend A Little

AUD

AUD/USD Back Above 0.7000

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RUSSIA
  • USD/RUB trades +0.60% higher this morning, broadly in line with the pullback in oil prices.
  • Comments from Ryabkov yesterday against all out war saw the cross fall sharply, but failed to hold below 76.00.
  • This is largely due to little change in the overall status quo as we await written responses from the West – which represent a more important indicator of the longevity of negotiations.
  • In the meanwhile, troops continue to move to Belarus ahead of military drills in Feb - keeping tensions high.
  • Comments from Biden pushing back on Ukraine’s NATO membership will be well-received by Russia, but it seems that Russia boots on Ukrainian soil are the trigger for US sanctions.
  • The cross is currently pegged in a broad range between 75.5827-77.1812 – driven by global risk sentiment and geopolitical headline risks.
  • Intraday Sup1: 76.015, Sup2: 75.5872, Res1: 77.878, Res2: 77.1812
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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