Rouble: Upside Trend Confirmed

The Russian rouble pushed through a key resistance level at RUB35.00 versus the dollar-euro basket it is managed against on February 18, at one point trading at a 13-month high of RUB34.94/basket. The move indicates that the Central Bank of Russia (CBR) has shifted the intervention band higher for the first time since November, with dealers in Moscow suggesting a new range of RUB34.90-37.90/basket. Upside pressure on the currency had been building in recent weeks on a confluence of bullish factors. According to the ministry of finance, scheduled monthly tax payments had pushed domestic rouble demand higher. Moreover, the spike

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