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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.
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Free AccessMNI BRIEF: China Crude Oil Imports Accelerate In November
MNI BRIEF: RBA Holds, Notes Declining Inflation Risk
MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday
USD/RUB Supported by GDP, Firm Oil Prices - Eyes 73.50
- 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
To read the full story
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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.