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- USD/RUB opens lower in line with broad-based $ selling and firmer oil markets, taking out Friday's low at 73.7263.
- Oil markets were buoyed overnight by re-openings in the US & UK, challenging the $70 handle for the third time since the start of May.
- Oil analysts warn, however, that expectations for Iran-US negotiations may temper upside in Brent.
- Domestic GDP came in better than expected yesterday at -1% vs -1.2% exp, supporting CBR assertions of firm domestic demand, despite mixed high-frequency data.
- USD/RUB trades heavily as RUB continues to benefit from lower geopolitical volatility, tighter CBR policy and macro tailwinds supporting commodity markets.
- 73.50 remains the key level to overcome to unlock more downside in USD/RUB.
- Markets will dial in on PPI (Thurs) for further signs of price pressures informing the CBR's cautiously hawkish stance.
- 3x6 FRA-Mosprime spreads remain pegged at 82bp, while 1m implied vols trade at 14-month lows.
- Intraday Sup1: 73.4212, Sup2: 73.1718, Res1: 73.9706, Res2: 74.1981