- The pair looks for direction in the mid-65.00s.
- Barrel of Brent crude retreats below the $62.00 mark.
- CBR expected to keep rates on hold on Friday.
The Russian Ruble has given away part of its earlier gains vs. its American peer and is now taking USD/RUB to the mid-65.00s, prolonging the multi-day sideline performance.
USD/RUB looks to oil, CBR
Spot remains under pressure although it has managed to meet some dip buyers in the 65.40 region, earlier daily lows.
RUB is navigating the positive territory today despite the daily pullback in prices of the barrel of European reference Brent crude, which is now piercing the critical $62.00 mark after printing 2019 peaks in the $63.60 zone on Monday.
In addition, RUB is expected to trade within a cautious tone in light of tomorrow’s publication of inflation figures in Russian seconded by the CBR meeting and publication of quarterly GDP figures on Friday.
USD/RUB levels to watch
At the moment the pair is losing 0.05% at 65.54 and a breach of 65.16 (2019 low Jan.31) would aim for 64.95 (monthly low Oct.24 2018) and finally 64.90 (monthly low Nov.22 2018). On the other hand, the initial up barrier emerges at 65.75 (10-day SMA) followed by 66.03 (200-day SMA) and then 66.69 (high Jan.25).
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