USD/RUB through 58.00, daily highs

Pablo Piovano FXStreet

The Russian currency keeps losing ground at the beginning of the week, now lifting USD/RUB to record fresh session tops beyond the critical $58.00 mark.

USD/RUB higher despite Brent gains

RUB is trading on the defensive despite crude oil prices have reverted their initial pessimism today, now pushing the barrel of the European reference Brent crude to the mid-$47.00s, up smalls for the day.

In the meantime, spot is advancing for the fourth consecutive session so far, clinching fresh 6-week tops above $58.00 the figure, while market participants continue to adjust to the recent decision by the Russian central Bank (CBR) to lower its key rate to 9.0% at its meeting on Friday.

RUB stays weak despite recent GDP figures showed the Russian economy expanded at an annualized 0.5% in Q1 and the industrial production expanded 5.6% on a year to May, surpassing estimates. Still in Russia, May’s producer prices are next on tap followed by retail sales, the jobless rate and real wage growth, all scheduled for tomorrow.

USD/RUB levels to watch

At the moment the pair is up 0.65% at 58.15 and a surpass of 59.07 (high May 5) would expose 59.61 (high Mar.13) and finally 60.61 (high Jan.23). On the other hand, the next support emerges at 56.00 (low May 22) seconded by 55.67 (2017 low Apr.24) and finally 53.70 (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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