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USD/RUB Tests 75.00 as Oil Slides & Geopolitical Risks Remain Elevated

RUSSIA
  • USD/RUB trades +0.30% higher this morning, treading water as weakness in oil markets resumes following reports of potential for coordinated reserve releases and EU lockdowns.
  • Focus is on a potential move down to $77.19 support in Brent with markets also keeping an eye on API inventory data this afternoon.
  • Geopolitical tensions continue to build with the West over Ukraine, keeping RUB assets under pressure at the start of the week.
  • USD/RUB rose +2.13% yesterday as the US vocalised sanctions threats and considered sending more weaponry and advisers to Ukraine to ward off a potential invasion threat.
  • In the absence of any signs of de-escalation, uncertainty will continue to weigh on RUB sentiment in the near-term – compounded by softer oil markets and a firmer USD.
  • 75.00 represents a notable psychological level in the cross as the RSI approaches overbought levels, and may see some resistance with price action having corrected 8.44% from the October lows.
  • Intraday Sup1: 74.3325, Sup2: 73.6763, Res1: 75.0654, Res2: 75.3547
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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