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Free AccessUSD/RUB Stumbles as API Oil Inventories Rise and Traders Tentatively Take Profits
- USD/RUB stands +0.50% higher this morning, with early weakness in oil markets tempering the recent RUB rally.
- The cross fell -0.29% in yesterday's session, falling just short of 69.20 before retracing closer to 69.50.
- Brent is off -1.01% this morning on the back of a larger than expected API inventories build in yesterday's session, rising by +2.3m bbls vs 1.9m exp.
- This has been complimented by tentative profit taking across the oil complex, despite GS forecasts for a run up to $90.
- The focus today turns to industrial production data, expected to moderate slightly to 4.6% and, more importantly, weekly CPI.
- 3x6 FRA-Mosprime spreads have pulled back from Monday's highs of +133bp to settle closer to +87bp - implying split expectations for roughly 50-100bp in hikes in the coming months as the CBR grapples with runaway inflation.
- Weekly CPI today will be a key gauge of the presentence of pricing pressures, with another large upside print likely bolstering hawkish calls from the market in the next meeting.
- RUB sentiment remains bullish with USD/RUB -1.92% lower since Monday.
- Intraday Sup1: 69.4455, Sup2: 69.2213, Res1: 69.888, Res2: 70.0975
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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.