USD/RUB challenging lows near 56.00

The Russian currency is trading on a firm note vs. the buck on Wednesday, now taking USD/RUB to the 56.00 neighbourhood, or daily lows.

USD/RUB attention to oil

RUB is reverting yesterday’s losses and is now forcing the pair to resume the weekly downside following a better tone in crude oil prices. In fact, the barrel of Brent crude – the European reference for crude oil – has regained the $55.00 mark and beyond today after bottoming out in the mid-$54.00s on Tuesday.

In the meantime, spot keeps the trade in the area of multi-month lows against the backdrop of a renewed offered bias surrounding the greenback and upbeat mood around crude oil.

In the data space, the weekly report on FX Reserves held by the CBR are only due tomorrow, while the Fed’s Beige Book is expected later today in the NA session preceded by the EIA’s report on crude oil inventories.

USD/RUB levels to watch

At the moment the pair is losing 0.24% at 56.10 and a break below 55.80 (2017 low Apr.4) would expose 53.03 (low Jun.16 2015) and then 52.86 (low Jun.2 2015). On the other hand, the immediate up barrier aligns at 56.55 (20-day sma) followed by 57.55 (high Apr.10) and finally 57.73 (55-day sma).