USD/RUB drops to 2-day lows near the 66.00 mark

The Russian Ruble gains traction on the back of Brent crude.
Spot remains sidelined around the 66.00 handle so far.
Russian Industrial Production expanded 2.0% YoY.

Pablo Piovano FXStreet

The positive tone around the Russian currency is forcing USD/RUB to fade yesterday’s advance and re-focus on the 66.00 handle, or daily lows.

USD/RUB offered on USD-selling, Brent

Spot is navigating fresh 2-day lows just above the key 66.00 mark following the persistent offered mood surrounding the greenback and the firmer note in crude oil prices.

In fact, and tracked by the US Dollar Index, the buck remains within a narrow range so far this week, giving away part of last week’s important up move.

Additionally, RUB is deriving support from another positive session in crude oil prices, with the Brent crude gaining more than 1% above the key $62.00 mark per barrel.

Data wise today, Russian Industrial Production expanded 2.0% in December from a year earlier, missing initial estimates.

Moving forward, GDP figures are due later in the week, seconded by Producer Prices, Retail Sales, the jobless rate and the usual report on reserves held by the CBR.

USD/RUB levels to watch

At the moment the pair is losing 0.45% at 66.18 and a breach of 65.79 (2019 low Jan.21) would aim for 65.52 (low Nov.30 2018) and finally 65.24 (200-day SMA). On the other hand, the initial up barrier emerges at 66.56 (10-day SMA) followed by 67.12 (55-day SMA) and then 67.40 (high Jan.9).

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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