The Russian currency is depreciating vs. the greenback on Monday, now lifting USD/RUB to the area of daily highs around 59.30.
USD/RUB up on Brent losses, USD buying
After dropping to as low as the 59.00 neighbourhood in early trade, the pair managed to gather some steam and is now testing highs in the 59.25/30 band amidst a narrow trading range.
RUB is deriving weakness from the softer tone in crude oil prices, where the barrel of the European reference Brent crude is struggling for direction in the vicinity of the key $49.00 handle.
On the data front, Russian industrial production expanded at an annualized 3.5% in June, while the US NY Empire State index missed estimates at 9.8 for the current month.
In the meantime, spot is navigating the lower end of the recent range, with decent support in multi-day lows around the 59.00 mark after being rejected from last week’s tops near 61.00 the figure, levels close to 2017 tops in the 61.60 region.
USD/RUB levels to watch
At the moment the pair is gaining 0.33%% at 59.27 and a surpass of 59.61 (21-day sma) would open the door to 59.71 (200-day sma) and finally 59.90 (10-day sma). On the other hand, the immediate support aligns at 58.97 (low Jul.17) seconded by 58.66 (low Jun.27) and then 57.99 (55-day sma).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.