USD/RUB bounces off lows, stays above 57.00

Pablo Piovano FXStreet

The Russian Ruble is trading on a firm note on Thursday, with USD/RUB advancing through the 57.00 mark after bottoming out near 56.70 in early trade.

USD/RUB in red despite Brent pullback, USD gains

Spot met dip buyers following the improved tone in the greenback plus the persistent weakness around crude oil prices.

In fact, RUB sold off as the barrel of Brent crude is testing the key 200-day sma around $51.30, down nearly 10% since April’s tops near $56.60 and retreating for the second consecutive week to fresh 4-week lows.

Adding to the upside in the pair, the buck seems to have left behind the recent selling mood and looks poised to extend the rebound further north of the 99.00 when tracked by the US Dollar Index (DXY).

In the data space, US trade deficit shrunk more than expected to $64.81 billion in March, while Initial Claims have climbed to 257K and Pending Home Sales contracted 0.8% MoM in March, less than initially estimated.

In Russia, FX Reserves held by the CBR rose to $400.0 billion during last week, up from $398.4 billion. The CBR will hold its monetary policy meeting tomorrow, with consensus expecting the central bank to cut the key rate by 25 bp to 9.50%.

USD/RUB levels to watch

At the moment the pair is losing 0.16% at 57.06 facing the immediate support at 56.72 (low Apr.27) seconded by 56.47 (20-day sma) and finally 56.15 (low Apr.26). On the upside, a breakout of 57.41 (55-day sma) would aim for 57.55 (high Apr.10) and then 58.19 (high Mar.22).

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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