USD/RUB weaker post-CBR decision, below 57.00
|The Russian Ruble is picking up pace following the CBR meeting, with USD/RUB now testing daily lows in the 56.75/70 band.
USD/RUB tumbles to lows on CBR
The pair dropped from highs beyond the 57.00 handle after the Russian central bank (CBR) cut the key rate by 50 bp to 9.25% at today’s meeting, more than the forecasted 25 bp cut.
The CBR noted that domestic inflation is moving closer to the 4% target, while inflation expectations are declining and the economic activity continues to recover. The central bank now expects to clinch the inflation target before year-end.
RUB reverted the initial weakness so far today, following the current rebound in crude oil prices, with the barrel of Brent crude regaining the $52.00 mark and above. The pair, in the meantime, keeps navigating the area of 2-week peaks in the upper-56.00s, on its way to close its second consecutive week with gains.
USD/RUB levels to watch
At the moment the pair is losing 0.1032 at 56.78 facing the next support at at 56.72 (low Apr.27) seconded by 56.49 (20-day sma) and finally 56.15 (low Apr.26). On the upside, a breakout of 57.36 (55-day sma) would aim for 57.55 (high Apr.10) and then 58.19 (high Mar.22).
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.