USD/RUB clinches highs near 62.40

The upside momentum in the greenback remains unabated so far today, now lifting USD/RUB to daily highs in the 6240/45 band.

USD/RUB higher on USD, oil drop

The pair is reverting yesterday’s pullback to fresh 2016 lows in the vicinity of 61.80, not only retaking the 62.00 handle but also advancing to session tops in the 62.40 zone.

Furthermore, RUB weakness is exacerbated today following the softer tone in crude oil prices, with the barrel of Brent crude shedding almost 1% around $52.70 and fading yesterday’s advance to fresh YTD tops around $53.80.

Later on the USD-side, the Fed’s Labor Market Conditions Index is only due along with the speech by FOMC’s N.Kashkari (2017 voter, neutral). In Russia, August’s Trade Balance figures are due tomorrow ahead of Thursday’s usual FX Reserves held by the CBR.

USD/RUB levels to watch

At the moment the pair is up 0.68% at 62.40 and a break above 63.44 (20-day sma) would aim for 64.25 (high Sep.26) and finally 64.43 (55-day sma). 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).