USD/RUB retreats from tops near 66.65, focused on Brent

The Russian currency trims losses around 66.40.
Spot moves higher after Monday’s YTD lows near 65.80.
Brent tumbles more than 2% and helps with the upside.

Pablo Piovano FXStreet

The softer tone around the Russian currency is picking up further pace on Tuesday and is motivating USD/RUB to advance to daily highs in the 66.60/65 band.

USD/RUB looks to oil for direction

Spot met a moderate buying interest following yesterday’s new YTD lows in the 65.80 region, in line with the advance of the European reference Brent crude to yearly peaks just above the $63.00 mark per barrel.

Prices of Brent crude are deflating today and with them sellers around RUB have returned to the markets, pushing spot higher amidst a broad-based up move in the buck.

It will be a fairly busy week in the Russian docket, as GDP figures, Producer Prices, Retail Sales, the jobless rate and the usual report on reserves held by the CBR are expected later in the week.

USD/RUB levels to watch

At the moment the pair is gaining 0.09% at 66.41 and a break above 66.60 (10-day SMA) would aim 67.12 (55-day SMA) and then 67.40 (high Jan.9). On the flip side, the immediate support aligns at 65.79 (2019 low Jan.21) followed by 65.52 (low Nov.30 2018) and finally 65.21 (200-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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