- USD/RUB continues to trade with multiple quotes onshore.
- USD/RUB BGN closed -1.96% lower, having traded in a 15.14% range from 125-147 to close around 133.50.
- 150.00 resistance has held in the past few sessions with the cross trading mostly sideways after Monday’s peak at 177.26.
- Meanwhile, USD/RUB REGN traded within a 5.84% range between 116-123 to close at 118.698.
- CBR says it is now exploring opening gup stock trading next week, which will likely result in heavy losses for MOEX listed stocks.
- For today, the focus will be on Biden’s speech – but the conflict is no nearer to conclusion as Russia fortifies its position to make the next assault on Kyiv in the coming days.
- Removing Russia’s MFN status at the WTO would be the next major sanctions blow, which would undoubtedly hamper its post-conflict recovery.
- As we have been highlighting, Putin is still determined to offset political losses at home and the only way to do that is by gaining more meaningful control over Kyiv.
- Russia’s next push on the capital will likely determine how long the conflict endures, with Russian forces likely to increase the intensity due to Kyiv’s fierce resistance thus far.
