USD/RUB in fresh 2016 lows near 63.40

The Russian ruble is gathering further steam vs. the greenback during the second half of the week, now dragging USD/RUB to print fresh YTD lows in the 63.40 area.

USD/RUB focus on oil

The pair is falling for the third session in a row today, trading in levels last seen in November 2015 around 63.40, all supported by a strong resurgence of the risk-on sentiment and somewhat steady week in crude oil prices, with the barrel of Brent crude hovering below the $47.00 mark.

On the data front, US Initial Claims and Producer Prices are due later, with FOMC’s Lockhart (non voter, neutral) and George (voter, hawk) also due to speak. In Russia, the CBR will release its foreign reserves holdings.

USD/RUB levels to watch

At the moment the pair is retreating 0.67% at 63.41 facing the next support at 62.04 (monthly low Nov.2015) and then 60.70 (monthly low Oct.2015). On the other hand, a surpass of 64.21 (20-day sma) would expose 65.14 (55-day sma) and finally 65.80 (high Jun.24).