USD/RUB approaching 60.00, multi-day tops

The selling pressure around the Russian currency is gathering further traction today, now lifting USD/RUB to fresh tops in the 60.00 handle.

USD/RUB up on CBRF news

RUB is sharply lower today after Russian FinMin A.Siluanov announced that the country will purchase RUB 74.3 billion of foreign currency on domestic market using additional oil income starting on July 7 to August 4. The Finance Ministry also added that daily FX purchases were at RUB 3.5 billions vs. RUB 2.1 billion in previous month.

Adding to RUB selling, the barrel of Brent crude is adding to yesterday’s losses, coming down to briefly test levels below the key $49.00 mark and deflating from tops in levels just shy of the critical $50.00 mark on Tuesday.

In the meantime, spot is flirting with 2-week peaks around the 60.00 handle, extending the positive streak to the third session and returning at the same time to the 60.00 neighborhood.

In the data space, US FOMC minutes and factory orders are due later, while Russian inflation figures are expected tomorrow.

USD/RUB levels to watch

At the moment the pair is up 0.90%% at 59.94 and a surpass of 60.41 (high Jun.21) would open the door to 60.56 (2017 high Jan.26) and finally 61.63 (high Dec.30 2016). On the downside, the immediate support emerges at 58.66 (low Jun.27) seconded by 58.56 (21-day sma) and then 57.44 (55-day sma).