USD/RUB bounces off lows, approaches 59.30
|After testing daily lows in the 59.00 neighbourhood, USD/RUB has managed to gather some attention and climb towards the 59.30 region.
USD/RUB eyes on oil, US data
Despite the current rebound in the pair and the recovery seen so far of the greenback, RUB keeps its firm tone around multi-month lows near the 59.00 handle (levels last traded in July 2015).
RUB’s price action stays almost exclusively dependent on crude oil dynamics, with the barrel of Brent crude now testing multi-day lows in the mid-$54.00s.
Spot should remain under pressure in light of the upcoming US releases: CPI, Industrial/Manufacturing Production, the NABH index and the Fed’s Beige Book. Additionally, Dallas Fed Robert Kaplan (voter, hawkish), Minneapolis Fed Neil Kashkari (voter, centrist) and Chairwoman Janet Yellen are due to speak later in the NA session.
In Russia, the weekly report of FX reserves held by the CBR is only due tomorrow.
USD/RUB levels to watch
At the moment the pair is losing 0.29% at 59.23 facing the immediate support at 59.11 (low Jan.6) followed by 58.57 (low Jul.29 2015) and then 56.20 (low Jul.10 2015). On the upside, a surpass of 59.44 (low Jan.18) would open the door to 59.94 (high Jan.16) and finally 60.23 (20-day sma).
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