USD/RUB finds support near 63.80, Fedspeak, Yellen on sight
|The current recovery in crude oil prices has lent extra support to the Russian ruble today, dragging USD/RUB to session lows in sub-64.00 levels.
USD/RUB attention to Fedspeak, oil
RUB met extra buying pressure after the barrel of Brent crude managed to test and stay around daily highs near $47.50 for the time being, ahead of the outcome from the OPEC meeting in Algiers.
On the USD-side, Chief Yellen’s testimony before the House Panel will take centre stage later in the NA session, followed by Durable Goods Orders in August and speeches by St. Louis Fed J.Bullard (voter, neutral), Chicago Fed C.Evans (voter 2017, dovish) and Cleveland Fed L.Mester (voter, hawkish and one of the triple dissenters at the last FOMC meeting).
In the meantime, spot is advancing for the first time after two consecutive pullbacks, looking to stabilize in the upper-63.00s/low-64.00s after Monday’s tops near 64.30.
USD/RUB levels to watch
At the moment the pair is gaining 0.13% at 63.94 and a break above 64.25 (high Sep.26) would expose 64.73 (55-day sma) and finally 65.46 (high Sep.13). On the other hand, the immediate support aligns at 63.39 (low Sep.23) followed by 62.75 (low Jul.14) and then 62.04 (low Nov.4 2015).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.