USD/RUB decline halted near 60.60 ahead of US data

RUB buying interest persists, although gains faltered below 61.00.
Higher Brent crude, no extra US sanctions support RUB.
US Philly Fed index, Fedspeak next of relevance.

Pablo Piovano FXStreet

The Russian currency is now shedding some ground vs. its American peer on Thursday, taking USD/RUB to sub-61.00 levels, where some support appears to have emerged.

USD/RUB down from YTD peaks at 65.00

The pair met sellers after clinching fresh 2018 tops in the 65.00 neighbourhood during last week, quickly dragging it to the area below the 61.00 milestone earlier today.

The sharp depreciation of the Russian Ruble followed a wave of fresh US sanctions against Russian companies and citizens coupled with rising geopolitical concerns involving Russia, US and Syria.

Adding to RUB recent strength, the barrel of European reference Brent crude keeps its march north unabated for the last two weeks, trading near the $75.00 barrier, levels last seen in late November 2014.

In the data space, Russian Retail Sales expanded at an annualized 2.0% in March and the unemployment rate stayed put at 5.0% during the same period. Later in the session and in the US calendar, the Philly Fed index will be the salient event seconded by Initial Claims.

USD/RUB levels to watch

At the moment the pair is up 0.21% at 60.96 and a break above 62.47 (high Apr.16) would aim for 63.89 (high Apr.10) and finally 65.01 (2018 high Apr.11). On the other hand, the next support aligns at 60.61 (low Apr.19) seconded by 59.25 (21-week sma) and then 58.23 (200-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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