The Russian currency is posting marginal gains vs. its American peer on Wednesday, sending USD/RUB to the 59.90/85 band ahead of the FOMC meeting.
USD/RUB retreats from weekly tops
RUB has regained some territory after easing to levels above the psychological 60 handle vs. the buck earlier in the week. However, spot is struggling for direction today amidst some recovery in the greenback and a better tone in crude oil prices.
In fact, the barrel of the European reference Brent crude is up modestly above the critical $50.00 mark, while the greenback is trading slightly into the positive ground just below the 94.00 handle when gauged by the US Dollar Index.
Looking ahead, oil traders stay vigilant on the publication of the weekly report on US crude inventories by the EIA ahead of the key FOMC meeting. Market consensus remains biased towards a cautious stance from the Committee, with US inflation and the Fed’s balance sheet on top of investors’ themes.
Extra caution is also warranted from the RUB side in light of the CBR meeting on Friday (on hold exp.).
USD/RUB levels to watch
At the moment the pair is losing 0.07%% at 59.84 and a breakdown of 59.60 (200-day sma) would open the door to 59.45 (10-day sma) and then 58.78 (low Jul.21). On the flip side, the next resistance lines up at 60.19 (high Jul.24) seconded by 60.41 (high Jun.21) and finally 60.98 (high Jul.11).
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