USD/RUB stays near lows around 56.90

Pablo Piovano FXStreet

The Russian currency is recovering part of the ground lost to the greenback at the beginning of the week, now dragging USD/RUB to the area of daily lows near 56.90.

USD/RUB gains capped around 57.00

RUB is deriving support following the recent recovery in crude oil prices, although the barrel of European reference Brent crude is today alternating gains with losses in the low-$48.00s.

Crude oil prices failed to gather extra pace after the OPEC’s monthly report now sees the oil demand increasing in the second half of the current year.

In the meantime, RUB should remain under pressure in light of the CBR monetary policy meeting due on Friday, with consensus expecting a rate cut to 9.00%. It is worth recalling that Governor E.Nabiullina recently said that the central bank could assess lowering its key rate at the meeting.

USD/RUB levels to watch

At the moment the pair is losing 0.21% at 56.90 facing the next support at 56.73 (55-day sma) seconded by 56.02 (low Jun.1) and finally 55.16 (2017 low May 31). On the flip side, a surpass of 57.33 (high May 29) would aim for 57.61 (100-day sma) and then 58.12 (high May 18).

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.