USD/RUB edging higher to daily highs near 58.00

Pablo Piovano FXStreet

The Russian currency is gathering extra downside pressure on Wednesday, now lifting USD/RUB to fresh highs in the vicinity of 58.00 the figure.

USD/RUB focus on FOMC, Brent

The pair is advancing for the first time after two consecutive losses, looking to extend the rebound from weekly lows in the 57.30 area and on its way to re-visit the critical 58.00 barrier.

The buying interest around the greenback is allowing the current bull run, also couple with the softer tone from crude oil prices. In fact, the barrel of the reference Brent crude is shedding nearly 1% so far today, fading part of the recent advance to fresh tops just above $57.30.

Additionally, the current RUB weakness could also obey to recent comments by the Russian government, as the Ministry of Finance hinting at the fact that intervention could be in the pipeline in case of unwelcomed appreciation.

In the data space, US Existing Home Sales are due later along with the speech by FOMC’s J.Powell (permanent voter, neutral) and the FOMC minutes.

USD/RUB levels to watch

At the moment the pair is advancing 0.83% at 57.89 facing the next hurdle at 58.54 (high Feb.17) followed by 58.75 (20-day sma) and finally 59.59 (high Feb.8). On the other hand, a break below 57.31 (low Feb.22) would aim for 57.02 (low Feb.17) and then 56.57 (2017 low Feb.15).

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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