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USD/RUB Stalls Around 75.00, 200DMA as Regional Relations Remain Strained

RUSSIA
  • USD/RUB opens slightly higher, flirting with the 75.00 handle with the dollar trading slightly stronger.
  • Oil markets are slightly firmer this morning ahead of the OPEC+ JMMC due to take place today.
  • However, despite demand-side risks from rising virus cases in India, the Committee is expected to hike output.
  • USD/RUB is holding tentatively below the 200dma (75.0913), having pulled away from the 100dma below in yesterday's session.
  • Tensions with CEE nations and the drip feed of diplomat expulsions has tempered RUB gains somewhat, with markets also still concerned about relations with Ukraine and the banning of Navalny's organisation.
  • Sell-side notes importers putting pressure on RUB, selling local revenues with CNH/RUB being especially active.
  • Intraday Sup1: 74.7225, Sup2: 74.3885, Res1: 75.3055, Res2: 75.7372
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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