USD/RUB accelerates the downside to 59.00

The Russian Ruble is up over 1% vs. its American peer at the end of the week, dragging USD/RUB to the vicinity of the 59.00 handle, or multi-day lows.

USD/RUB weaker on USD-selling, Brent gains

Perfect storm for the pair so far, as the greenback continues to shed ground following disappointing figures from US inflation results for the month of June while crude oil prices keep extending its weekly rebound.

USD has come under increasing selling pressure today in the wake of US data and in response to shrinking market expectations of a potential third rate hike by the Federal Reserve later in the year.

Adding to the pair’s decline, the barrel of Brent crude is prolonging its weekly bounce to levels closer of the key $49.00 mark, gaining over 6% since Monday’s lows in the vicinity of the $46.00 handle per barrel.

USD/RUB levels to watch

At the moment the pair is losing 0.97%% at 59.25 facing the immediate support at 59.12 (low Jul.14) seconded by 58.66 (low Jun.27) and then 57.93 (55-day sma). On the other hand, a surpass of 59.92 (10-day sma) would open the door to 60.98 (high Jul.11) and finally 61.28 (2017 high Jan.3).