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USD/RUB Trades Higher as APAC Risk Sentiment Sours, Oil Bulls Eye API Inventories

RUSSIA
  • USD/RUB opens higher in line with a firmer BBDXY this morning.
  • The cross moved back below 74.00 in yesterday's session as early USD strength receded and oil markets bounced back, having found support at the 50dma – keeping the near-term uptrend intact.
  • API inventories will be eyed closely after last week's inventory build amid demand concerns. Markets expecting crude inventories at -3.4m bbls.
  • Brent will need to close above 75.00 to reinforce bullish conditions. Domestically, markets will turn their focus to tomorrow's strategic stability talks with the US fir signs of thawing US-Russia relations.
  • While the agenda has yet to be agreed, the mere existence of talks should be a net positive for relations which are coming off a low base after deteriorating post-Geneva.
  • This should make for a busy day tomorrow alongside the FOMC meeting.
  • Intraday Sup1: 73.6785, Sup2: 73.5342, Res1: 74.9345, Res2: 74.2486
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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