USD/RUB tumbles to 4-week lows near 74.80 post-CBR

USD/RUB loses further ground and breaks below 75.00.
The Russian central bank (CBR) hiked rates by 50 bps.
The CBR said inflationary pressures remain high.

Pablo Piovano FXStreet

The Russian ruble extends the upside momentum and drags USD/RUB to fresh multi-week lows in the sub-75.00 area on Friday.

USD/RUB weaker on hawkish CBR

USD/USD trades on the defensive for the third consecutive session at the end of the week. Spot saw its decline accelerated on Friday after the CBR surprised markets and hiked the key policy rate more than expected by 50 bps to 5.00%.

According to the central bank, the move was justified by the unabated inflationary pressures along with the steady pace of the recovery in the domestic demand, which is seen challenging the capacity of certain sectors.

Furthermore, the CBR left the door open to extra hikes in the next meetings, confirming its shift to a more aggressive stance to bring inflation to levels in line with the bank’s goal.

USD/RUB levels to watch

At the moment the pair is losing 0.68% at 74.90 and a breach of 74.68 (100-day SMA) would aim for 72.53 (2021 low Mar.16) and finally 70.00 (psychological level). On the flip side, the next up barrier emerges at 77.29 (weekly high Apr.21) followed by 78.57 (2021 high Apr.6) and then 80.00 (psychological level).

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.

AUD/USD stays weak above 0.6900 after China’s trade data

AUD/USD struggles to capitalize on the previous day’s recovery and stays defensive on the 0.6900 level following the narrowing of trade surplus in China. Increased December Fed rate hike bets allows the US Dollar to pause its decline and weigh on the pair. US CPI data is next of note for the major.

USD/JPY retakes 158.00 on weak Japanese data; focus shifts to US CPI

USD/JPY attracts some dip-buyers and retakes 158.00 in the Asian session on Tuesday as a fall in Japan’s Household Spending offsets hawkish BoJ Summary of Opinions, undermining the Japanese Yen. Moreover, Fed hike bets support the safe-haven US Dollar and the currency pair. The market focus now shifts to the release of the crucial US CPI report.

Gold approaches $4,000 following US inflation data

Gold surrenders a big chunk of Monday’s advance and approaches the key $4,000 mark per troy ounce on Tuesday. The precious metal’s decline follows the solid performance of the US Dollar and rising US Treasury yields after US inflation figures.

Pi Network rebounds from record lows, exits oversold territory as momentum improves

Pi Network (PI) shows a strong recovery on Tuesday, up over 7% after recording its all-time low of $0.0624 the previous day. PI token’s appeal in the derivatives market shows minor improvement, with Open Interest rising to $6.21 million.

Five risks for the global economy in 2027

From AI bubbles to geopolitical breakthroughs, these are some of the five ways why this outlook could go wrong – or right: A severe correction in US stocks triggered by an AI meltdown, second-round inflation effects emerge at scale or geopolitical de-escalation delivers an energy peace dividend.

Gold reclaimed $4,100. Tuesday’s CPI test decides if it holds

Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.