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USD/RUB Ticks Higher as Oil Markets Continue to Slide Ahead of Inventory Data

RUSSIA
  • USD/RUB trades +0.43% higher this morning, with early weakness in oil markets keeping the cross pegged higher.
  • RUB was the standout performer yesterday as oil markets regained some composure with USD/RUB making a daily low at 74.2501 following tentative signs of progress towards a Biden-Putin meeting.
  • Nevertheless, neither side is yet to signal any form of step back from the current stance, with markets looking for a potential agenda in the coming days/weeks.
  • With limited data on the agenda, the focus turns to key speakers at the VTB forum, including Nabiulinna, Putin & Siluanov.
  • Oil weakness continues to dictate directionality in the cross, with oil traders eyeing API data and possible steps from OPEC+ to counter recent weakness in the face of Omicron-induced lockdowns.
  • Intraday Sup1: 74.3325, Sup3: 74.0639, Res1: 75.2853, Res2: 75.5636
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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