USD/RUB extends the upside beyond 60.00

The renewed bid tone around the greenback is adding to ongoing upside in USD/RUB, which has managed once again to surpass the psychological 60.00 mark.

USD/RUB attention to oil

RUB keeps depreciating for the fourth consecutive session for the time being in spite of the better tone in crude oil prices.

In fact, the barrel of the European reference Brent crude is deflating from recent 2-month tops in the boundaries of the $53.00 mark, returning to sub-$52.00 levels and halting a 6-session positive streak at the same time.

Adding to the pair’s upside, the buying interest seems to have returned to the greenback, encouraging the US Dollar Index to bounce off recent cycle lows in the 92.60 region, although the bull run lost some momentum just below the 93.00 handle.

In the data space, Russian manufacturing PMI rose to 52.7 in July from June’s 503. In the US, personal income and personal spending prompted no reaction among traders, while core PCE rose above estimates and the key ISM manufacturing missed forecasts at 56.3 for the month of July.

USD/RUB levels to watch

At the moment the pair is gaining 0.41%% at 60.01 facing the next hurdle at 60.32 (high Jul.31) seconded by 60.41 (high Jun.21) and finally 60.98 (high Jul.11). On the downside, a breakdown of 59.54 (10/200-day sma) would open the door to 59.33 (low Jul.27) and then 58.78 (low Jul.21).