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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 +0.32% higher this morning, in line with early upside pressure on the BBDXY and softer oil markets.
- The cross made a decent round-trip in Friday's session after a third day of record high covid cases sparked a sell-off in the RUB which was pared into the back end of the session.
- This morning, Brent is off -0.55% ahead of OPEC+ talks, while USD/RUB is placing pressure on the 73.00 level once again as choppy trading persists.
- This week, CPI and PMI data will be the key focal points with price pressures continuing to rise, despite the CBR's prolonged tightening cycle.
- A print at 7.3% is now notably above the CBR's 4% threshold and is cause for concern after the CBR dropped its hikes to 25bp from 100bp in the prior meeting, broadly against the consensus for 50bp.
- 3x6 FRA-Mosprime spreads have ticked higher from +50 to +66.5bp since Thursday – with markets potentially pricing in a 25-50bp step from the CBR at its next meeting.
- The sell-side is currently split on the chances of either case, given the CBR's inconsistent stance and poor telegraphing of price pressures.
- Beyond this, tensions with Ukraine seem to be edging higher and concerns of US debt sanctions simmer in the background.
- Intraday Sup1: 72.7441, Sup2: 72.5556, Res1: 73.0047, Res2: 73.2181
3x6 FRA-Mosprime Spread
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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