USD/RUB weaker, back below 60.00

Pablo Piovano FXStreet

After testing fresh tops around 60.30 in earlier trade, USD/RUB met fresh sellers and is now trading back below the key support at 60.00 the figure.

USD/RUB offered post-US CPI, Russian GDP

Spot picked up extra downside pressure as the offered bias around the greenback has intensified in response to weaker-than-expected US inflation figures for the month of July.

In addition, Russian advanced GDP figures see the economy expanding at an annualized 2.5% during the April-June period, surpassing initial forecasts and helping with the bid tone around RUB. Still in Russia, the trade surplus widened to RUB 8.69 billion in June, down from May’s RUB 8.52 billion albeit below forecasts.

In the meantime, spot is reverting two consecutive daily advances, although it remains within the broader weekly consolidative theme, in tandem with the performance of the Brent crude.

USD/RUB levels to watch

At the moment the pair is losing 0.30%% at 59.93 facing the next support at 59.75 (21-day sma) followed by 59.44 (200-day sma) and finally 59.33 (low Jul.27). On the flip side, a breakout of 60.29 (high Aug.11) would aim for 60.98 (high Jul.11) and then 61.63 (high Dec.30 2016).

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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