Free Trial
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.
RUSSIA
- USD/RUB trades -0.22% lower this morning, mostly in line with a slightly weaker BBDXY, while oil markets tread water (-0.18%) in negative territory.
- The cross rose +0.09% yesterday, showing RUB resilience vs its peers TRY & ZAR which lifted >+0.50%, with sellers stepping in ahead of 73.00 resistance.
- Oil markets remain subdued this morning, following a larger than expected EIA inventory build – next major support is at $76.13 if price action falls through $77.50.
- Strategic stability talks will be the primary focus today, with Russia's geopolitical risk premium having rebuilt slightly on US debt sanctions threats last week.
- No major frictions are expected at this meeting given the focus on nuclear armaments, but discussions of the human rights-based sanctions will be watched closely if dialogue on the matter emerges.
- Additionally, threats of counter-tariffs on EU products are likely to boost frictions, should Russia follow through on them.
- On the covid front, the local situation has taken a turn for the worse, with the Kremlin finally sounding concerned and possibly angling for some restrictive measures in the coming weeks.
- 3x6 FRA-Mosprime spreads have risen +10bp to 52.5bp this morning following yesterday's higher weekly CPI print – as markets remain concerned about CPI continuing to develop above the CBR's forecast, necessitating a more prolonged period of tight policy. Intraday Sup1: 72.5556, Sup2: 72.4238, Res1: 73.0047, Res2: 73.1225
3x6 FRA-Mosprime Spreads
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok