Ukraine is open to compromise, but Moscow won’t agree to anything.
While a ceasefire might bring about a notable south-run, disappointment will not hesitate to reaffirm its dominance.
The US CPI and ECB are important, but they are not more than talks in Turkey.
USD/RUB reflects the market’s cautious mood ahead of key negotiations in Ankara. The Russian ruble (RUB), however, is trading at 136.00 in Thursday’s Asian session. This follows a significant rebound from the previous day.
The latest inaction of the quote could be related to fears about a deadlock regarding the Russia-Ukraine ceasefire. The White House and Moscow have made the most recent comments that support the cautious mood. The Russian office did not concede anything to the Biden administration, but they disagreed with Moscow on the use of chemical or biological weaponry.
Previous to this, Ukraine’s willingness to compromise if Russia did the same was part of retreating from NATO plans and the beginning of the human corridor in an effort to increase the hope of a resolution to the standoff.
It is worth noting that the West supports Kyiv and maintains its hard line against Moscow before the key negotiations. “US Secretary-of-State Antony Blinken spoke to Dmytro Kuleba (Ukraine Foreign Minister) on Wednesday and discussed humanitarian and additional security support for Ukraine following Russia’s invasion,” Reuters reported. According to Reuters, Kuleba and Blinken also discussed Russia’s unconscionable attacks on population centers’.
These plays have led to the US 10-year Treasury yields falling while Wall Street gains are not being tracked by the S&P 500 Futures. The Nikkei225 in Japan snaps a four day losing streak to recover from its lowest levels since November 2020. It was up 3.5% at 25,560 at press time. WTI crude oil drops by around 2.0% at $105.50, while gold falls another 1.0% to $1.971 after losing nearly $90.00 the day before.
USD/RUB traders will be paying close attention to the Ukraine-Russia negotiations in Turkey. They hope for a clear direction and a positive outcome. The pair could experience further decline if that happens, but an otherwise positive outcome will not hesitate to revise the record high. The US Consumer Price Index for February will likely rise to 7.9% from 7.5% earlier. This will mark the monetary policy meeting at the European Central Bank (ECB).
Analyse technique
USD/RUB recovery at 10-DMA is around 117.45 according to the press time. The quote directs towards Monday’s peak and the all-time high of around 155.00.
