USD/RUB weaker, back below 60.00

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).

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.