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USD/RUB Treads Water Ahead of OPEC+, Lavrov Meetings

RUSSIA
  • USD/RUB trades -0.27% lower this morning, treading water as the USD moves choppily in early trading.
  • The cross rose +0.25% in yesterday’s session with Brent calling below the $70 handle ahead of the second day of OPEC+ talks today where a decision on future output is expected.
  • Additionally, talks with Lavrov & Blinken will be watched closely for sanctions risks and as a potential prelude to the Putin-Biden meeting expected in Dec/Jan.
  • Both sides currently remain committed to their positions with no signs of de-escalation yet. USD/RUB should be sensitive to OPEC+ & geopolitical developments today, with the next big ticket item for global markets being NFPs tomorrow.
  • A more proinflationary weekly CPI print also increases the bias for a more decisive move from the CBR at the next meeting, which should provide support to RUB in the lead-up.
  • Key support from the 200dma stands at 73.5656, followed by the 100dma at 72.8636. Intraday Res1: 74.3225, Res2: 74.7558
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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