USD/RUB plummets to lows near 59.20

The Russian currency is sharply higher vs. its American peer on Thursday, prompting USD/RUB to retreat to fresh daily lows near 59.20.

USD/RUB lower on USD, Brent

Spot has resumed its downside today, returning to levels last seen in July 2015 around the 59.20 area and closer to last Friday’s lows in the 59.10 region.

The increasing offered bias surrounding the US Dollar has gathered extra traction following the disappointing press conference by US president-elect Donald Trump on Wednesday, while crude oil prices are now extending the rebound from recent lows.

In fact, the barrel of Brent crude is gaining more than 1% today, returning to the $56.00 neighbourhood after bottoming out in the mid-$53.00 earlier in the week.

In the data space, the weekly report on the FX reserves held by the CBR is due ahead of US Import/Export Prices, Initial Claims and Fedspeak.

USD/RUB levels to watch

At the moment the pair is losing 0.77% at 59.26 facing the immediate support at 59.11 (low Jan.6) followed by 58.57 (low Jul.29 2015) and then 56.20 (low Jul.10 2015). On the upside, a surpass of 60.02 (high Jan.9) would open the door to 60.68 (20-day sma) and finally 61.63 (high Dec.20).