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Free AccessUSD/RUB Treads Water Ahead of OPEC+, Lavrov Meetings
- 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
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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.