USD/RUB: Classicparabolic move towards 2019 high – Rabobank

FXStreet Team FXStreet

In terms of the CEEMEA currencies, the Russian ruble remains on track to end February as the weakest currency amongst its EM peers, strategists at Rabobank apprise. USD/RUB is trading at 67.308.

Key quotes

“The precipitous fall in oil prices squeezed USD/RUB from around 61 at the beginning of January to the August/September top at 67.00.”

“It is a classic parabolic move that will be at some stage at least partially reversed, but at the time when the markets are driven by fear USD/RUB may extend its gains towards the 2019 high at 69.8181.”

“Apart from the sharp fall in oil prices, escalating geopolitical tensions related to Syria also weighed on the ruble.”

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