USD/RUB upside run out of legs near 63.60

The Russian currency is trading on a softer tone on Wednesday, with USD/RUB slipping back from earlier tops in the 63.55/60 band.

USD/RUB attention to oil, FOMC

The pair clinched fresh 5-week tops near 63.60 in early trade despite the persistent sell off around the US dollar.

In addition, crude oil prices are extending the recent decline and dragging the barrel of Brent crude to 5-week lows around $47.30, all adding to the offered bias around RUB.

Later in the session, the FOMC meeting is seen delivering a hawkish statement and reinforcing the scenario of higher rates by year-end.

On the Russian data front, inflation figures for the month of October and Markit’s Services PMI are due on Thursday followed by the weekly report on FX Reserves held by the CBR.

USD/RUB levels to watch

At the moment the pair is advancing 0.17% at 63.42 facing the next up barrier at 63.56 (high Nov.2) followed by 63.72 (55-day sma) and finally 64.13 (100-day sma). On the downside, 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).