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USD/RUB Treads Water Below 72.00, Oil Markets Await Inventory Data

RUSSIA
  • USD/RUB trades -0.01% lower this morning, treading water around the open with oil markets slightly weaker.
  • The cross held a broadly choppy range in yesterday's session, but managed to stay below 72.00, despite bilateral meetings with US Undersecretary Nuland seeing little progress.
  • Meetings resume today with a mixture of threats and offers of cooperation from both sides reflecting the frayed nature of ties at this juncture.
  • Nuland is set to speak with Dmitry Kozak today, but this seems unlikely to have a major impact on price action with US CPI and the FOMC minutes dominating today's agenda.
  • On the oil front, inventory data will be released today after a delay following the Columbus Day holiday. US CPI is expected to print flat m/m & y/y, but any deviations may spark some intraday USD volatility.
  • Additionally, the FOMC minutes are expected to deliver a greenlight on a November taper with softer NFPs deemed insufficient to deter officials from initiating the process.
  • Another factor worth noting is Putin's speech at Russia's Energy Week after the Kremlin said his discussion would be important for energy stability.
  • USD/RUB is currently pegged in the 71.557-72.0654 range awaiting a breakout. Intraday Sup1: 71.6864, Sup2: 71.557, Res1: 71.6054, Res2: 72.2705
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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