The Russian currency is now gathering extra traction vs. the greenback, dragging USD/RUB to daily lows in the 62.90 area.
USD/RUB focus on US data, oil
The pair has surrendered initial gains and is now trading in the red territory following a better tone around the Ruble.
In fact, the current recovery in crude oil prices is sending the barrel of Brent crude further north of the $52.00 mark today, lending extra support to RUB and collaborating with the downside.
On the positioning side, RUB speculative net longs remained at multi month highs during the week ended on October 11 and according to the latest CFTC report.
Data wise, Russian Industrial Production is expected to have expanded 0.6% on a year to September, while the NY Empire State manufacturing gauge, September’s Industrial Production and Capacity Utilization area all due in the US calendar. In addition, FOMC’s S.Fischer is due to speak on ‘Low Interests Rates’ at the Economic Club of New York Luncheon.
Furthermore, spot remains under scrutiny in light of the recent effervescence between Russia and US regarding mutual accusations of cyber attacks.
USD/RUB levels to watch
At the moment the pair is losing 0.10% at 62.90 and a break below 61.85 (2016 low Oct.10) would expose 60.70 (low Oct.9 2015) and then 48.79 (low May 13 2015). On the flip side, the next up barrier lines up at 63.49 (high Oct.13) followed by 64.25 (high Sep.26) and finally 64.47 (100-day sma).
- R3 63.7658
- R2 63.5405
- R1 63.3087
- PP 63.0834
- S1 62.8516
- S2 62.6263
- S3 62.3945