USD/RUB looks for direction near 57.00

The Russian currency is navigating the upper end of the recent range vs. its American counterpart, taking USD/RUB to the 57.00 neighbourhood for the time being.

USD/RUB focus on oil, CBR

RUB is posting some moderate gains today, trading in tandem with the now better tone from crude oil prices. In fact, the barrel of European reference Brent crude has managed to revert the initial pessimism and is now advancing to the boundaries of the $49.00 mark.

In the same direction, the greenback is giving away part of last week’s gains, collaborating with the pair’s downside albeit keeping the trade above the 97.00 mark when tracked by the US Dollar Index (DXY).

Data wise this week, the FOMC meeting is due on Wednesday, where expectations point to a 25 bp rate hike. Further relevant US data will see the CPI and retail sales. In Russia, the CBR will decide on interest rates on Friday.

USD/RUB levels to watch

At the moment the pair is losing 0.09% at 56.98 facing the next support at 56.72 (55-day sma) seconded by 56.02 (low Jun.1) and finally 55.16 (2017 low May 31). On the flip side, a surpass of 57.33 (high May 29) would aim for 57.47 (100-day sma) and then 58.12 (high May 18).