USD/RUB drops to lows near 57.00 post-CBR

Pablo Piovano FXStreet

The Russian currency is trading on a firmer note vs. the buck at the end of the week, dragging USD/RUB to fresh lows near the 57.00 handle.

USD/RUB weaker on Brent gains

RUB gathered extra traction on Friday following a better tone in crude oil prices, which are recovering some ground after Thursday’s drop. The barrel of Brent crude is advancing for the first time since last Friday, testing the $50.80 area after bottoming out near $49.70 on Wednesday.

The pair bounced off lows after the Russian central bank (CBR) unexpectedly cut its key rate by 25bp to 9.75% at its meeting earlier today.

The CBR noted the decline in domestic consumer prices has overshot the bank’s forecasts while inflation expectations stay on the downside. In addition, the CBR noted the economy keeps recovering faster than estimated and it now expects the inflation to reach the 4% target at some point in late 2017.

At the same time, the CBR left the door open for further rate cuts in Q2 and/or Q3.

USD/RUB levels to watch

At the moment the pair is losing 0.33% at 57.24 and a break below 57.00 (low Mar.21) would aim for 56.57 (2017 low Feb.15) and then 56.20 (low Jul.10 2015). On the other hand, the next hurdle aligns at 58.18 (20-day sma) followed by 58.19 (high Mar.22) and finally 58.79 (55-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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