- Ruble relief rally underway
- Oil price skyrockets to the highest level since 2008
- 125 BPS of BOE hike in November
- Construction output in the UK jumps
The Russian Ruble Pound (RUB/GBP) exchange rate gains momentum to the upside in early morning trade but the gains quickly faded away. The pair was seen trading at 10:55 UTC at 0.006781 down -0.24% adding on losses from yesterday’s trading session.
Meanwhile, the Crude oil price touched the highest levels since the 2008 subprime mortgage crisis as OPEC and its allies holds output steady. The world’s top oil-producing countries plan to increase oil output by 400k barrels per day in April.
US crude oil rallied almost 5.5% to USD 116.57 a barrel during yesterdays’ trading session but it crashed into the close and settled down -3.28% to 107.67 in volatile trade.
Worries about supply disruptions over Russia – Ukraine conflict will continue to weigh in on the risk sentiment.
Elsewhere, investors reduced bets on BOE rate hike as Russia counter-sanctions are expected to bite back. The expectations of a rate hike by the Bank of England (BOE) have been moved to 125 basis points in November.
In the UK, construction growth as measured through the Markit Construction PMI data saw its strongest activity since June 2021. UK construction sector jumped from 56.3 in January to 59.1 in February. The GBP reaction was muted as traders look forward to the NFP report for further direction.
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