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USD/RUB Soars to New Highs as Markets Await West's Response to Russian Security Proposals

RUSSIA
  • USD/RUB trades +0.45% higher this morning, paring early breakout gap lower towards 77.00.
  • USD/RUB remains under bullish pressure following Friday’s breakout from its 74.50-77.1812 range with markets still awaiting written responses from the West on Russia’s security proposals.
  • Threats of troop Baltic/Eastern European deployment and export controls from the US have ratcheted up tensions over the weekend, with uncertainty around the situation notably higher this week.
  • RUB continues to ignore gains in oil markets, with sell-side analysts forecasting $100/bbl oil. This week’s focus will be on the West’s written responses and the FOMC meeting, with the RUB becoming a magnet for risk-off.
  • The cross has moved through Friday’s highs, bringing the April 2021 high and September 2020 levels 78.04-79.97 into focus.
  • Headline risks from today’s EU security meeting and throughout the week should keep price action volatile – necessitating a tactical approach to the cross.
  • Intraday Sup1: 76.8878, Supo2: 76.5370, Res1: 78.04, Res2: 78.4876, Res3: 78.8788
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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