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USD/RUB Unmoved By EU Sanctions Threats, Black Sea Tensions

RUSSIA
  • USD/RUB gaps lower at the open for a third consecutive session, tracking early weakness in the BBDXY.
  • Price action remained choppy in yesterday's session but managed to close firmer on the day – despite hawkish rhetoric and sanctions threats from the EU.
  • Sabre-rattling over the Black Sea incident continued yesterday, with Russia and the West exchanging blows as relations continue to deteriorate.
  • EU talks will continue today, with markets eyeing hints at possible economic sanctions from the EU, although at this early stage we're likely to only see more threats.
  • France and Germany pushed for high level meetings with Russia, but could not achieve a consensus among other EU members.
  • Russian threats of physical bombing of repeat offenders in the Black Sea is a clear warning to NATO on its red lines discussed in the Biden-Putin meeting – and will need to be monitored amid the West's Sea Breeze drills.
  • Oil markets trade flat to slightly higher, with traders tentatively pricing in a cautious stance from OPEC+ on returning ~500m bbls/day in supply to market in August on top of the agreed 2.1m bbls expected at the next meeting on 01 July.
  • Intraday Sup1: 72.0413, Sup2: 71.7012, Res1: 72.3409, Res2: 72.6637
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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