USD/RUB visiting lows near 57.50 on EIA

The Russian currency is trading on a firm note vs. its American counterpart on Wednesday, now dragging USD/RUB to the area of daily lows in the mid-55.00s.

USD/RUB weaker on Brent gains

The renewed buying bias around crude oil prices is lending fresh oxygen to RUB today, forcing spot to recede to fresh 2-day lows in the 57.50 region, down from Friday’s 7-week peaks just above 59.00 the figure.

In fact, the barrel of Brent crude is up more than 2% so far today following the bullish report from the EIA, looking to regain the critical $50.00 mark and at the same time extending the bounce off 2017 lows near $46.60 seen on Friday.

In the data space, US Export/Import Prices came in above estimates for the month of April. In Russia, the weekly report on FX reserves held by the CBR is due tomorrow ahead of Friday’s trade balance figures.

USD/RUB levels to watch

At the moment the pair is losing 1.08% at 57.52 and a break below 57.34 (55-day sma) would open the door to 57.33 (55-day sma) and finally 56.78 (20-day sma). On the upside, the next hurdle lies at 59.07 (high May 5) followed by 59.60 (high Mar.14) and finally 60.56 (high Jan.28).