USD/RUB sticking to gains around 56.40

The Russian Ruble has retreated from daily lows in the mid-56.00s vs. the buck, with USD/RUB now deflating to the vicinity of the 56.40 region.

USD/RUB focus on oil

Spot is advancing for the second consecutive session so far today, prolonging the rebound from fresh YTD lows in the 55.80 area seen on Wednesday.

RUB is shedding some ground despite the upbeat momentum in crude oil prices stays unabated so far today. In fact, the barrel of the Brent crude, the European reference for crude oil, is up smalls in the mid-$54.00s, a tad lower than yesterday’s tops beyond the critical $55.00 mark.

On the data front, the weekly report on FX Reserves held by the CBR is due later in the session seconded by US Initial Claims and the speech by San Francisco Fed J.Williams (2018 voter, hawkish).

USD/RUB levels to watch

At the moment the pair is up 0.02% at 56.38 facing the next hurdle at 56.69 (high Apr.4) followed by 57.39 (20-day sma) and finally 58.19 (high Mar.22). On the flip side a break below 55.80 (2017 low Apr.4) would aim for 53.02 (low Jun.18 2015) and then 49.06 (low May.18 2015).