USD/RUB climbs to highs near 66.00

The Russian ruble remains on the back footing today, now lifting USD/RUB to test the upper end of the range near the 66.00 handle.

USD/RUB attention to oil, CBR

The pair is trading in 6-week highs near the 66.00 handle following a softer tone in crude oil prices, with the barrel of Brent crude dropping for the second consecutive week and hovering over the $45.00 mark, or 2-month lows.

RUB will remain under pressure nonetheless in light of the upcoming CBR interest rate decision due on Friday, with consensus still pretty divided after the June’s 50 bp rate cut.

USD/RUB levels to watch

At the moment the pair is advancing 0.66% at 65.85 facing the next hurdle at 66.27 (20-day sma) followed by 67.67 (high Jun.2) and finally 68.67 (200-day sma). On the other hand, a break below 64.94 (55-day sma) would expose 64.07 (20-day sma) and then 62.75 (2016 low Jul.14).