USD/RUB clinches highs near 62.50

The greenback is accelerating its upside momentum at the beginning of the week, sending USD/RUB to fresh daily highs in the mid-62.00s.

USD/RUB ignores oil recovery

Spot is gathering further steam backed by the renewed buying bias around the greenback after market participants seem to have already digested Friday’s US Payrolls figures (156K).

RUB remains on the defensive and is paying little attention to the recovery in crude oil prices, with the barrel of Brent crude gaining more than 1% around $52.50/55.

Data wise in Russia, Trade Balance figures are due on Wednesday followed by the usual weekly report on FX reserves held by the CBR on Thursday.

According to the latest CFTC report, speculative RUB net longs continued to climb during the week ended on October 4, reaching more than 17K contracts.

USD/RUB levels to watch

At the moment the pair is up 0.39% at 62.42 and a break above 63.60 (20-day sma) would aim for 64.25 (high Sep.26) and finally 64.51 (55-day sma). On the other hand, the immediate support lines up at 61.97 (2016 low Oct.7) followed by 60.70 (low Oct.9 2015) and then 48.79 (low May 13 2015).