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Free AccessUSD/RUB Teeters on its 200dma as Brent Moves Back Above $70/bbl
- USD/RUB trades +0.08% higher this morning, with firmer oil markets tempering a stronger BBDXY in early trading.
- The cross fell 0.81% following the OPEC decision to stick with the 400kbbl increase in Jan, but retain optionality to act to stabilise prices with supply curbs if necessary.
- Geopolitical squabbles between Lavrov & Blinken saw little progress made on the Ukraine issue, but it seems a more important Biden-Putin meeting may be coming in the near future – which saw RUB appreciate slightly.
- Headline risks remain prevalent today with Lavrov attending the final day of the OSCE meetings in Stockholm, and ratings agencies Fitch & Moody’s may provide sovereign ratings reviews this evening.
- PMI data printed softer this morning at 47.1 & 48.4 in services and composite measures, falling further below the 50 mark.
- US NFP’s will be the big-ticket item on the agenda today after a choppy week of USD price action.
- USD/RUB price action fell just short of closing below the 200dma in yesterday’s session and will need to break this level to take the next leg lower towards 73.00-72.8525 (100dma) – although expectations for a hawkish CBR should provide support to RUB going into the next meeting.
- Intraday Sup1: 73.5033, Sup2: 73.1560, Res1: 74.0639, Res2: 74.3325
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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.