USD/RUB finds support near 57.80

The Russian currency is trading on the defensive vs. its American peer on Monday, with USD/RUB managing to bounce off lows in the 57.80 region and regaining the 58.00 mark.

USD/RUB attention to Fedspeak, Brent

Spot is struggling to extend gains today after three consecutive daily advances, with the upside momentum facing strong resistance in the vicinity of 59.00 the figure, or 7-week peaks.

RUB lost momentum after the barrel of Brent crude faded the initial spike to levels just below the critical $50.00 mark, slipping back to the $49.00 neighbourhood at the time of writing.

Furthermore, the greenback has recovered the smile after the recent sell-off, while market participants continue to digest the final results in the second round of the presidential elections and April’s figures from the US labour market released last Friday.

Data wise today, the Fed will publish its Labor Market Conditions Index followed by speeches by St Louis Fed J.Bullard (2019 voter, centrist) and Cleveland Fed L.Mester (2018 voter, hawkish). In Russia, Trade Balance figures and FX Reserves held by the CBR will be the only releases this week.

USD/RUB levels to watch

At the moment the pair is gaining 0.29% at 58.20 facing the next hurdle at 59.07 (high May 8) followed by 59.60 (high Mar.14) and finally 60.56 (high Jan.28). On the downside, a break below 57.39 (low May 4) would open the door to 57.33 (55-day sma) and finally 56.78 (20-day sma).