USD/RUB leaps to highs near 59.50

The selling pressure around the Russian currency stays well and sound today, now lifting USD/RUB to fresh highs in the mid-59.00s.

USD/RUB up on Brent slide

The increasing weakness surrounding crude oil prices is taking a toll on the Russian Rouble, shedding more than 2% vs. its American peer and sending spot to fresh 4-week tops in the proximity of 59.50.

Prices for the Brent crude are down nearly 2% in the $52.00 area, adding to yesterday’s sell-off and losing more than $4 since weekly tops around the $56.60 region recorded on Tuesday.

The pair is thus reverting three consecutive declines, while at the same time adding further legs to the rebound from lows in the 56.70/65 band seen in mid-February, levels last traded in July 2015.

In the data space, CBRF’s FX Reserves came in at $393.4 billion, a tad up from last week’s $393.0 billion. In the US space, Export/Import Prices and Initial Claims are due later.

USD/RUB levels to watch

At the moment the pair is advancing 2.06% at 59.37 facing the next up barrier at 59.59 (high Feb.8) followed by 60.39 (high Feb.1) and finally 60.56 (high Jan.26).

On the other hand, a breach of 57.89 (low Mar.7) would aim for 57.31 (low Feb.22) and then 56.57 (2017 low Feb.15).