USD/RUB bounces off lows, regains 56.30

Pablo Piovano FXStreet

The Russian currency is trading on a firm fashion on Thursday, now dragging USD/RUB to the 56.30 area, up from earlier session lows in the 56/20/15 band.

USD/RUB attention to oil, geopolitical jitters

RUB is posting gains after two consecutive sessions with losses, prompting the pair to come down from multi-day tops near 56.70 on Wednesday, while it seems to have found some support near 56.10 for the time being.

RUB has given away part of its initial gains in tandem with the retracement of the barrel of Brent crude, which is now alternating gains with losses around the $53.00 mark.

Also supporting RUB, finmin A.Sulianov said earlier that the country will look to boost GDP growth to 3/3.5%, although structural reforms are needed in order to achieve that.

In the data space, the FX Reserves held by the CBR rose to $398.4 billion during last week from $395.7 billion. Back to the US docket, the Philly Fed Manufacturing Index dropped to 22.0 for the current month while Initial Claims rose more than expected during last week.

USD/RUB levels to watch

At the moment the pair is losing 0.61% at 56.24 and a break below 55.80 (2017 low Apr.4) would expose 53.03 (low Jun.16 2015) and then 52.86 (low Jun.2 2015). On the other hand, the immediate up barrier aligns at 56.73 (high Apr.18) followed by 57.55 (high Apr.10) and finally 57.66 (55-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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