The Russian Ruble is now depreciating faster vs. its American counterpart, pushing USD/RUB to fresh daily tops around 56.40.
USD/RUB bid on USD-buying, steady Brent
The pair is recovering part of yesterday’s drop to the vicinity of the 56.00 handle following a continuation of the buying interest around the buck, while crude oil prices stays steady ahead of US oil rig count.
The greenback, measured by the US Dollar Index, continues its slow march north this week, clinching the 99.80/85 band after bottoming out in the 99.30 region on Thursday.
On another direction, the barrel of Brent crude is testing weekly lows in sub-$53.00 levels, on its way to revert a 3-week positive streak while removing some support from RUB at the same time.
Data wise in the US docket, Markit’s advanced Manufacturing PMI is next on tap seconded by Existing Home Sales.
USD/RUB levels to watch
At the moment the pair is up 0.25% at 56.34 facing the next hurdle at 56.48 (20-day sma) followed by 56.74 (high Apr.19) and finally 57.55 (high Apr.10). On the downside, a breach of 56.06 (low Apr.21) would expose 55.86 (low Apr.18) and then 55.80 (2017 low Apr.5).