USD/RUB advances to fresh highs beyond 63.00

The Russian currency is losing further ground during the second half of the week, now sending USD/RUB to fresh weekly highs above the 63.00 handle.

USD/RUB focus on US data

The pair is advancing for the third consecutive session for the time being, sharply rebounding from Monday’s fresh YTD lows in sub-62.00 levels.

The renewed offered bias around RUB is coming along the ongoing correction lower in crude oil prices, with the barrel of Brent crude slipping back to the mid-$51.00s. Further selling pressure around the Russian currency has come in after the trade surplus missed estimates in August.

On the USD-side, the greenback keeps the strong bid tone this week, lifting the US Dollar Index to fresh multi-month tops just above the 98.00 handle.

In the data space, US Initial Claims are due later in the NA session, followed by Export/Import Prices and the EIA’s weekly report on crude oil inventories. In addition, Philly Fed P.Harker (2017 voter, hawkish) is due to speak on ‘Economic Outlook’.

USD/RUB levels to watch

At the moment the pair is up 0.49% at 63.31 and a break above 64.25 (high Sep.26) followed by 64.55 (100-day sma) and finally 65.46 (high Sep.13). On the other hand, the immediate support lines up at 61.85 (2016 low Oct.10) followed by 60.70 (low Oct.9 2015) and then 48.79 (low May 13 2015).