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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
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Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Real-time insight of oil & gas markets
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Data
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MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUSD/RUB Tests 74.00, Markets Eye CPI for Cyclical Peak & CBR Trajectory
- USD/RUB continues is descent towards 74.00 at the open as markets fade early USD strength.
- Oil markets were buoyed slightly by better than expected Chinese export & services data, having failed to take out the $70 handle in yesterday's session.
- Some increased pressure noted from the West in yesterday's session with Blinken & the EU both alluding to persistent risks from Russian troops on Ukraine's border, but failed to offset bullish RUB catalysts.
- Focus today on CPI for signs of deceleration in price pressures in line with CBR predictions for a cyclical peak in inflation in March.
- CBR alluded to further hikes in the pipeline, showing its concern about demand-side price pressures through its above-expectation +50bp hike, and will be watching this print closely.
- 3x6 FRA-Mosprime spreads remain at +80bp, showing a slight overpricing with markets mostly expecting two sequential +25bp hikes at the next meetings.
- However, the CBR has surprised analysts in two consecutive meetings and said +50bp moves are still possible, so a tactical approach is definitely warranted going into the next meetings.
- Intraday Sup1: 73.9706, Sup2: 73.7436, Res1: 74.1981, Res2: 74.3885
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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.