USD/RUB retreats from highs as Brent recovers

The Russian currency is now recovering part of the ground lost to the greenback earlier in the session, sending USD/RUB back to the mid-59.00s.

USD/RUB gains capped around 59.90

RUB has pared earlier losses in the boundaries of the 60.00 mark vs. the buck, as the barrel of European reference Brent crude bounced off lows and is now posting moderate gains around the $47.00 handle.

In addition, the selling bias continues to prevail around the US Dollar, collaborating with the current knee-jerk. In fact, the US Dollar Index faded the spike to the 96.30 region following comments by the ECB, now returning to test the area of multi-month lows around 95.80/70.

In the US data space, May’s trade deficit came in at 465.9 billion, bettering expectations although pending home sales contracted 0.8% on a monthly basis in May. Later in the session, the EIA will publish its weekly report on US crude supplies.

USD/RUB levels to watch

At the moment the pair is up 0.11%% at 59.55 and a surpass of 60.01 (200-day sma) would aim for 60.41 (high Jun.21) and then 60.61 (high Jan.23). On the downside, the immediate support emerges at 58.66 (low Jun.27) seconded by 57.97 (20-day sma) and finally 57.53 (100-day sma).