USD/RUB approaching highs near 59.40

The Russian currency is on the defensive so far today, navigating within a narrow range and pushing USD/RUB to the area of session tops near 59.40.

USD/RUB bid on Brent losses

RUB is depreciating for the second consecutive session so far this week, retaking the 59.00 mark and testing highs near 59.40, where sits the 10-day sma

RUB shed some ground following the correction lower in crude oil prices, with the barrel of Brent crude struggling for direction around $49.70.

Furthermore, the recovery of the greenback is helping the US Dollar Index (DXY) to retake the key 96.00 handle, although the up move appears a tad unconvincing for the time being.

Looking ahead, the FOMC minutes tomorrow and June’s payrolls should keep the buck in centre stage, while inflation figures in Russia will be the salient point later in the week.

USD/RUB levels to watch

At the moment the pair is up 0.09%% at 59.33 and a surpass of 59.40 (10-day sma) would aim for 59.89 (200-day sma) and finally 60.41 (high Jun.21). On the downside, the immediate support emerges at 58.80 (low Jul.3) seconded by 58.66 (low Jun.27) and finally 58.40 (20-day sma).