USD/RUB flirting with daily tops near 58.20

Pablo Piovano FXStreet

The Russian currency keeps the soft tone so far this week, now pushing USD/RUB to the area of session peaks near 58.20.

USD/RUB firmer on Brent losses

RUB is deriving extra downside pressure from the selling mood around the barrel of European reference Brent crude, posting moderate losses in the $55.40/50 band and reverting the initial spike to the $55.90 area.

In the data space, Russian retail sales expanded at an annualized 1.9% while the unemployment rate ticked lower to 4.9% during August.

On the US data front, building permits and housing starts came in above estimates in August, while export prices and import prices also bettered forecasts during the same period.

In the meantime, spot is up for the third session in a row, extending the rebound from recent multi-week lows in the 56.80 area (September 7).

USD/RUB levels to watch

At the moment the pair is up 0.14% at 58.19 and a break out of 58.43 (100-day sma) would aim for 58.65 (200-day sma) and finally 58.89 (high Aug.30). On the other hand, the next support is located at 58.02 (21-day sma) followed by 57.59 (10-day sma) and then 57.39 (low Sep.14).

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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