USD/RUB clinches highs above 58.00

The Russian Ruble is extending its weekly depreciation vs. the buck on Wednesday, lifting USD/RUB to fresh tops just above the 58.00 mark.

USD/RUB higher on Brent losses

Spot is advancing since Monday following a continuation of the selling bias around crude oil prices, which is now sending the barrel of Brent crude to fresh 2017 lows in the boundaries of the psychological $50.00 mark.

 In addition, the sell-off in the greenback seems to be taking a breather today, collaborating with the pair’s daily upside. USD-supportive Fedspeak on Tuesday lent extra support to the buck, which at least managed to find some buyers in t he mid-99.00s when tracked by the US Dollar Index (DXY).

In the data space, Russian jobless rate stayed at 5.6% in February while Retail Sales contracted at an annualized 2.6% during the same period. Ahead in the week, RUB should stay in centre stage in light of the CBRF’s interest rate decision, with market consensus still quite divided on the potential outcome.

Further news from Russia cited President V.Putin has extended E.Nabiullina’s term as central bank chief.

USD/RUB levels to watch

At the moment the pair is up 0.82% at 58.17 facing the next hurdle at 58.24 (20-day sma) followed by 58.92 (55-day sma) and finally 59.60 (high Mar.14). On the other hand, a break below 57.00 (low Mar.21) would aim for 56.57 (2017 low Feb.15) and then 56.20 (low Jul.10 2015).