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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.
RUSSIA
- USD/RUB trades -0.29% lower this morning, broadly in line with firmer oil markets.
- RUB outperformed last week rising +2.28% vs the USD as geopolitical fears eased slightly on signs of a Biden-Putin meeting and oil regained some composure with OPEC+ retaining optionality to cut supply if needed.
- Biden-Putin talks will be the key focal point this week as tensions over Ukraine remain pronounced with neither side backing down just yet.
- While many do not see a material de-escalation coming at this meeting, promises for a face-to-face in Jan may provide some hope for a de-escalating in 1Q22.
- CPI data will also be watched closely for upside surprises, with sell-side analysts split over the size of the CBR’s next hike in the 50-100bp range. 3x6 FRA-Mosprime spreads have stabilised around 91.5bp, having fallen from +178bp following the discovery of the Omicron variant.
- On the international front, US trade balance & CPI data will be key to monitor for USD-side risks following hawkish comments last week from Powell RE taper/rate lift-off timelines.
- USD/RUB price action remains above the 200dma (73.5620) with a bullish hammer candle forming in Friday’s session.
- Here, a daily close below the level opens up a potential move towards the 100dma (72.85) with expectations for a hawkish CBR adding support to the RUB.
- Intraday Sup1: 73.5033, Sup2: 72.9364, Res1: 74.0639, Res2: 74.3325
3x6 FRA-Mosprime Spreads
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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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