USD/RUB turns negative below 60.00

After clinching fresh 4-minth tops beyond the psychological 60.00 handle, USD/RUB met some sellers and has now returned to the mid-59.00s.

USD/RUB attention to Brent

RUB reverted initial losses after recording fresh 4-month lows vs. its American counterpart earlier in the session.

In fact, the continuation of the sell off around crude oil prices dragged the barrel of Brent crude to new 7-month lows in the $45.80 area on Tuesday, albeit regaining some ground afterwards.

In addition, fresh geopolitical jitters between Russia and the US regarding Syria have also collaborated with the downbeat sentiment around the Russian currency.

Looking ahead, the EIA’s weekly report on crude oil inventories is due later today, while the usual report on FX reserves held by the CBR is expected tomorrow.

USD/RUB levels to watch

At the moment the pair is losing 0.08%% at 59.57 facing the immediate support at 58.19 (low Jun.20) seconded by 57.35 (100-day sma) and finally 56.96 (55-day sma). On the upside, a surpass of 60.22 (high Jun.21) would expose 60.61 (high Jan.23) and then 61.76 (2017 high Jan.2).