Despite yesterday's big bounce back in the price of oil, this morning's weakness across the crude complex has rekindled selling pressure on the Russian Ruble as it crashes back to yesterday's record lows against the USD.
[3]
At around 54 Ruble to the USD, yesterday saw 'alleged' intervention by the Russian Central Bank with a dramatic reversal back to around 50 intraday... it appears the market wants to test the Central Bank's free-float commitment once again.
[4]
Yesterday saw notable Treasury selling as the Ruble was rescued/intervened, one wonders if the move higher in yields for 30Y bonds in the last few minutes signal Russian central bank intervention coming soon. [Sell TSY, Rcv USD, sell USD, buy RUB]
