RUB appears well supported near term – TDS
FXStreet (Edinburgh) – Researchers at TD Securities argued that the Russian currency will remain well supported in the upcoming sessions.
“The negative momentum in oil prices continues to push oil currencies weaker”.
“The RUB has suffered a correction since last week, but seems to trade rich to Brent”.
“As the July 27 tax day is approaching (payments of approx. RUB515bn are due), exporters repatriate offshore USD money to pay taxes, providing support for the RUB. We think this support may continue until next week”.
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